SPX 30-Minute 8/34 MA Cross

Daily whipsaw drama occurs. Every down move is met with an up move and visa versa. The sideways path through 1840-1880 continues for the last eight weeks. The blue lines show key support and resistance at 1884, 1878, 1874, 1868, 1859, 1855, 1848-1852 gauntlet and 1841-1843 gauntlet. Price begins at 1866 and the futures want to see a bounce of six to nine handles to 1872-1874, which would be a direct test of the strong 1874 resistance.

The 8 MA pierces up through the 34 MA in the final hour of trading yesterday signaling bullish markets for the hours ahead. Bears need a negative 8/34 cross or they got nothing. A bullish move through 1874 brings 1878 which then opens the door to test the all-time highs again. Markets have rallied at the open the last two days only to give it up so the bears need a repeat of this behavior today, otherwise, the bulls are running. The 1872-1874 resistance test is very important. 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 at 12:05 PM on 3/27/14: The 8 MA crosses under the 34 MA yesterday signaling bearish markets for the hours ahead.