SPX 30-Minute Chart 8/34 MA Cross

Choppy sideways action continues through the 1865-1889 channel for a week and one-half. Bulls win above 1889. Bears win below 1865. Key S/R is shown at 1897, 1891, 1884, 1878, 1874, 1868, 1859 and 1848 (where the year began). May began at 1883.95 so price is printing a negative month thus far. The 8 MA is above the 34 MA signaling bullish markets for the hours ahead, however, the 8 MA is running lower and will try to stab under the 34 MA within the first couple hours of trading today. Bulls must spike equities higher to stop the potential negative 8/34 cross. S&P futures are -4.

The stochastics and MACD line want to see lower numbers which may be satisfied at the opening bell but overall the sideways choppiness would be expected to continue with price responding at the S/R levels. The 8/34 cross provides the market direction answer. Bears got nothing unless the 8 MA stabs down through the 34. 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 11:23 AM on 5/10/14: The 8 MA crosses under the 34 MA after the session begins and remains that way but the 8 MA is spiking higher for a potential positive 8/34 cross on Monday. Bears must jam markets lower at the opening bell or they will be in trouble. The 30-minute chart indicators are long and strong so higher highs should come in this time frame. The 2-hour and 1-hour charts are more of a sideways vibe, however. So the new week may start with an elevated SPX at 1878-1884 but should level out and roll over perhaps on Monday afternoon.