SPX 30-Minute Chart 8/34 MA Cross Sideways Channels Whipsaw Action

The whipsaw action continues. Starting at the high print for the last day of September, in the last eight days, the SPX has moved a distance of about 300 points (neon blue lines) representing 15% of its entire range and almost moving 2% of its point range per day. That is intense sideways choppy action. The 8 MA stabs down through the 34 MA minutes ago signaling bearish markets for the hours ahead reversing the positive 8/34 cross that occurred at the opening bell. Markets are a circus.

The key S/R is 1985-1986, 1973, 1960-1961, 1951, 1936-1937 and 1924. The 100-day MA is 1962.35. The 150-day MA is 1930.90 and LOD is 1929.95 so price is showing the 150-day respect and it must be monitored. Markets may flush lower if 1930 fails and take out the strong 1924 support like a hot knife through butter. Strong support is also at 1910. Yesterday, the bears hold the 20-week MA at 1967 as a strong resistance ceiling. Watch the moves through the strong S/R levels to gauge market direction. Boiling it down to a tighter focus, watch the S/R at 1951, 1936-1937, 1931 (150-day MA), 1930 (LOD) and 1924. 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 3:45 PM: The SPX pushed lower through the 150-day MA to a new LOD at 1927.56 but bounced now back above the 150-day MA at 1930.85 so watch this level like a hawk. Price is at 1930.66 so obviously the fight is for the 150-day MA, and now a bounce or die decision is required. What say you markets? Bounce or die?.... 1930.51 ...... 1930.03 ........

Note Added 3:51 PM: SPX 1929 handle....... 1928 handle ......  Keystone bot more RIG adding to this long position opened one day ago.

Note Added 3:54 PM:  Look at SPX price back kiss that 150-day MA at 1930.85 trying to decide which way to run.

Note Added 3:57 PM: Price is 1930.55 with three minutes to go dancing on each side of the 150.

Note Added 4:00 PM: Price ends at 1928.25 continuing to settle out after the wild selloff. So bears are happy the 150-day MA failed but bulls are happy that the strong 1924 support continues to hold. The huge win today is for the bears with the NYA back under, well under, its 40-week MA at 10638 ushering in a cyclical bear market ahead for the broad stock market (weeks, months and perhaps year or two ahead). NYA is at 10414 losing 229 points today.