SPX 60-Minute 200 EMA Cross Sideways Channel

Markets are very indecisive the last few days as verified by the sideways behavior of price and the indicators. The 3 key S/R levels are 1691-1692, 1685-1686 and 1669-1670. Price is teasing the center support/resistance right now which is also the important 200 EMA, one of Keystone's short-term market direction indicators. The 200 EMA is 1686.16 with price now about one-point above signaling bullish markets for the hours ahead. The closing price today is very important in relation to the 1686 level. Price bounced from the blue falling wedge. The brown downward-sloping channel is in play which would allow price to move to the 1689-1692 area for a test of resistance.  Looks like price may be content in moving sideways through 1669-1692 into the weekend allowing the political clown show to continue playing out. Watch the 200 EMA cross since it tells you which side is winning moving forward. 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.

Note Added 11:22 AM:  The SPX falls back under the 200 EMA signaling bearish markets for the hours and days ahead. Interestingly, this price action can serve as a back kiss move to the 200 EMA and if price stalls here, it will be prone to collapse.

Note Added 8:38 AM on 10/7/13: The new week of trading is about to begin. The bulls pushed the SPX back above the 200 EMA on Friday afternoon but the S&P futures are -15 which will create a bearish cross again. The bull-bear battle continues, with the 1685-ish 200 EMA the pivot point. Bulls are happy staying above 1685. Bears dance with glee below 1685.