SPX 30-Minute 8/34 MA Cross Sideways Symmetrical Triangle

The 30-minute provides a closer look at the sideways symmetrical triangle. The vertical side is 1752 to 1773, 21 handles. So the breakout above the triangle top rail at 1765 targets 1786. A collapse under the bottom rail at 1760 targets 1739. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead, however, the 8 MA is curling over to the downside for a potential negative 8/34 cross. The S&P futures are +9 so this would immediately turn the 8 MA upwards and continue the bull rally higher. The ECB decision in the morning is the main event this week and price could move inside the apex of the triangle without making a decision until tomorrow morning.

The brown lines show the key S/R at 1775, 1772, 1769, 1763, 1759, 1752, 1745, 1733, 1730, 1722, 1706 and 1697-1698. Price may favor a move through 1759-1772 S/R until Draghi appears on the podium, sticks out his arm, and turns his thumb up or down, in Caesar-style fashion, deciding the fate of equities. The indicators are near their 50% levels not yet committing to the bull or bear side so watch this for clues on the direction coming. Bears got nothing without the negative 8/34 cross. 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.