SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel

The 8 MA stabs down through the 34 MA signaling bearish markets for the hours ahead. Note the tentative move, however. The bulls are always there to slap the bears in the teeth--yesterday was a wrestling match with three crosses occurring but the 8 remains under the 34, for now. Price came up late day to back kiss those lower channel trend lines and will decide today if the channel failure is locked in to lead to the downside. Bulls need to return price up inside the safety of the channel.

As long as the SPX remains under the 8 MA at 1847, markets should weaken. If price moves above 1847, it will curl the 8 MA higher and once again set up the scenario where the bulls may win with a positive 8/34 cross and the SPX will be on its way to more new all-time highs. S&P futures a short time before the opening bell have dropped from +5 to +2 so a few-handle open for the SPX is on tap. This action would tease the 1851 resistance at the get-go.

The three support levels on the chart are important for the minute and hourly time frames. The chart is weak and even though three of the indicators are sloping upwards, the set-up is not positive divergence since price has not yet even printed under the prior low of 1843 over the last 6 hours. Key S/R is 1859, 1851, 1848, 1843, 1841, 1839, 1828, 1808, 1803 and 1800. Watch the 8/34 MA cross as a bull-bear guide for equities. 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 1:46 PM:  The 8 MA pierces up through the 34 MA signaling bullish markets for the hours ahead. Bears will need to drive the SPX immediately lower to try and reverse the positive cross, otherwise, the bulls may run markets higher for a few days. There is no time to dilly-daddle. If bears are going to make a move it has to be now.