SPX 30-Minute Chart 8/34 MA Cross Sideways Channel

The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. The ongoing pattern continues where anytime the bears growl creating the negative 8/34 cross, the bulls are quick to recover and spoil any down move. Dip-buyers jump back in waving the Fed and BOJ flags that guarantee elevated stock markets forever. The 8 was drifiting lower yesterday afternoon for a potential negative cross but the bulls ran markets higher late day. The indicators have some near-term upside juice. The hourly charts are in a sideways mode currently. Considering the weekend is only hours away, and a 3-day holiday weekend is on tap, the bulls have seasonality on their side where it easier to keep markets elevated.

The blue lines show lots of potential for sideways channel behavior to continue. The bulls need to push up through 1848 and new all-time highs will print in front of a happy bullish weekend. The bears need to push down through 1840 to accelerate the downside. A move through 1841-1847 is sideways action with both sides calling a truce, deciding to take time to think things over during the long weekend, and come back to fight next week. Watch the 8/34 cross since it tells you market direction. The bulls are winning to begin the day. 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.