SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel Overbot Rising Wedge Negative Divergence

The bears are not allowed to shine receiving a slap in the face every time they attempt a move lower. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. The bulls will only allow a 1 or 2 day negative 8/34 cross before they slap the bears silly and create further upside. This is important moving forward since if a negative 8/34 cross lasts beyond 3 days, the bears may finally have their day. Right now, bears got nothing without the negative 8/34 cross. Price would have to drop below the 8 MA at 1794.46 to curl the 8 MA lower.

The bulls appear unstoppable since the Fed has its thumb on the scale. Price is at the upper rail of the upward-sloping blue channel. Note the rising blue wedge in play which allows some further price action at 1798-1803-ish. The red lines show negative divergence across the board so in the 30-minute time frame, price would be content to leak sideways to sideways lower here on out. The 1-hour chart is negatively diverged across its indicators as well, however, the 2-hour chart has a bit more juice available for buoyant prices. Thus, if it takes the 2-hour chart from 1 to 3 candlesticks to roll over, this is 2 to 6 hours of trading time. So the bulls will likely receive the 1800 print after the opening bell but price should top out in the shorter hourly and minute time frames from lunch time forward. S&P futures are +3.3 as this article is typed about 2-1/2 hours before the opening bell. 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.