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

We have been watching the hourly and minute charts set up with negative divergence since the back half of last week. The red lines show all indicators negatively diverged on the 30-minute wanting to see a spank down moving forward. Ditto the 1-hour chart. The 2-hour as well but the RSI and MACD line are trying to squeeze out more juice. So if 1 or 2 more 2-hour candlesticks are needed to roll price over on the 2-hour chart, that would be 2 to 4 hours so the expectation would be that price rolls over today or tomorrow.

The 8 MA remains above the 34 MA signaling bullish markets for the hours ahead. Each time the bears have started to push lower the dip-buyers come in and maintain an elevated price. The debt ceiling resolution provided the 30-handle orgy from the 50-day MA cross that occurred at 1809. The bears need to send price below 1840 to simply get the 8 MA to curl downwards. Bears got nothing until the negative 8/34 cross occurs. The bulls have maintained the positive cross for the last 8 days. Expectation would be for the SPX to roll over to the downside moving forward.

Price is battling in the 1837-1843 resistance gauntlet zone and has tested 1843 a couple times today already. Bulls will jump to 1848-1851 if they move up through 1843. Bears need to push lower under 1837 to prove they held the bulls at bay at the 1837-1843 resistance and now plan to begin the downside again. Both the SPX and VIX are up; one of them is wrong. VIX is above 14 which will push markets noticeably lower if the bears can keep the VIX above 14 and moving higher. Bulls must push the VIX under 14 to maintain an elevated stock market. Bulls are overcoming the negative affects of higher volatility by pushing copper higher. 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.