SPX 1-Hour Chart 200 EMA Cross Sideways Channel Failure

The SPX teased one of Keystone's key market signals; the 200 EMA on the 60-minute chart. Note the LOD pierced down through this important moving average but recovered by the closing bell to close above signaling bullish markets for the hours and days ahead. The bears need to push the SPX under the 200 EMA at 1817.12 to verify extended market selling ahead. In mid-December the bears managed to push under the 200 EMA but then the market orgy rally started into the end of the year crushing the bear's hopes. Will the bear's finally receive their chance?

A back kiss of the lower rail of the sideways channel at 1824-ish, and 20-day MA at 1824.04, would be prudent. Price started to break down strongly from 1827 so lump this all together to target a potential back kiss at 1824-1827. The stochastics are positively diverged by a tiny hair that may provide the bounce, and the S&P futures are +3, but the indicators are weak and bleak in general pointing to lower lows in price on tap 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.