SPX 30-Minute Chart 8/34 MA Cross H&S
The bulls run higher yesterday and send the 8 MA above the 34 MA signaling bullish markets for the hours ahead. The bears are not allowed to shine this year. The negative 8/34 cross on Wednesday painted the way lower for markets. The bears popped the champagne corks but yesterday were frantically trying to place the corks back in the bottles as the positive 8/34 cross occurs crushing the bear's hopes and dreams. The SPX is drifting sideways currently. S&P futures are flat over the last few hours. The blue lines show a head and shoulders pattern in play with price printing the right shoulder currently. The H&S has two heads but sometimes you must roll with the flow for stock patterns. Besides, two heads are better than one, although Granny, on the Beverly Hillbillies television comedy from years ago would quip, "Not when one of them is Jethro's."
The neck line for the H&S is 1740-ish with head at 1759 so the downside target is 1723-ish if the 1740 level fails. Watch the 8/34 cross. Bulls are in control. Bears got nothing unless they receive a negative 8/34 cross today. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
KS you need to get out more! Do you really believe market direction is dictated by the cross of the 8/34 movs on a 30 min chart? I suggest you look up the definition of coincident indicators and get back to me.
ReplyDeleteThe only difference between your returns and the SPX benchmark is the fact that you can short the index thereby gaining on the benchmark. You are losing badly to the benchmark this year because shorting has caused you losses every time.
We need an extended period of sideways action to expose your predictive abilities as nothing more then coincidental smoke and mirrors.
Nope Anon, the 8/34 cross on the 30-minute only indicates market movement for a few hours ahead, it may develop into more hours, but you have to monitor it to watch the behavior of the 8 MA. So it is only one tool in the arsenal that is only used for VST day trading. You are correct that the index shorts keep losing. Markets should be at a key inflection point right now. If you want to avoid all the VST erratic moves and drama, simply follow along with Keybot for a smoother approach to stock movement. Keybot may flip long today if JJC moves above 40.19 adn SPX above 1754.
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