SPX 30-Minute Chart 8/34 MA Cross Upward-Sloping Channel Overbot Rising Wedge Negative Divergence New All-Time Intraday High

The SPX prints a new all-time record intraday high at 1914.46 but the all-time closing high from Tuesday, 5/27/14, at 1911.91, the palindrome, remains in place. The red rising wedge, overbot conditions and negative divergence create the spankdown on the 30-minute chart. The indicators remain weak hinting at lower lows ahead. Watch to see if the RSI and stochastics fall under 50% into bear territory. Money flow is under 50%. The 8 MA is above the 34 MA on the 30-minute chart for six days continuing to signal bullish markets for the hours ahead, however, the SPX drops under the 8 MA which will curl the 8 MA to the downside for a potential negative 8/34 cross today. Bears got nothing unless they receive the negative 8/34 cross.

The negative cross is anticipated to occur today but if it does not and the bulls pump the SPX above the 8 MA to keep the bullish 8/34 cross in place, the SPX is likely headed to the 1920's. If the bears can create the 8/34 negative cross and dump ten or a dozen SPX handles today, the table would be set for a potential run at 1884 to end the week tomorrow. Watch that 8 MA level at 1912-ish to determine market direction. Bulls win above 1912 and higher. Bears win below 1912 and lower. 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 7:02 AM on 5/30/14: The bears are unable to create a negative 8/34 cross. The 8 MA remains above the 34 MA so the bulls are trying to continue the happy party into the weekend.