SPX 30-Minute Chart 8/34 MA Cross

The 8 MA remains above the 34 MA signaling bullish markets for the hours ahead, however, the SPX is under the 8 MA which will curl it lower for a potential negative 8/34 cross. An ascending triangle pattern is in play but it is occurring with negative divergence (red lines). Typically you want to see the ascending triangle in concert with long and strong indicators like the green lines to produce an upside breakout. The green lines show long and strong indicators. The other day the thought was price would come back up to the highs which it did. Bears cannot claim any trend change until the negative 8/34 cross occurs and the lower trend line of the triangle fails.

Stocks are typically bullish in front of the holiday and through the Thanksgiving holiday but the month is up from start to finish and when this occurs the last couple days tend to finish weak. So flip a coin. The MACD cross is bearish. The RSI will need to drop under 50% to point to lower prices. Bears need the negative 8/34 cross or they got nothing. Bulls need to push above 2171 which will target 2089. The 8 MA is 2069.51 so if price moves above this number the bulls are happy and the bears are in trouble. 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 10:25 AM: The SPX is 2069.49 and the 8 MA above is 2069.49. The pivot from here is important.

Note Added 10:31 AM: The VIX is dropping like a stone to 12.03 now 12.01 which will send equities higher. SPX is 2069.35 remaining elevated.

Note Added 11:10 AM:  The 34 MA is 2068. The SPX and the 8 MA are both at 2069. The Three Stooges are squezed together. It's decision time into and through lunch time. Bounce or die. Bears need the negative 8/34 cross. Bulls need to jam price higher above 2069 and 2072 to continue the party higher. The direction should be apparent by lunch time. The RSI is 54% staying in bull territory above the 50%. What say you bulls and bears; who will carry the mantle of victory into Turkey Day?

Note Added 11:17 AM: 8 MA=2068.92. SPX=2068.69. 34 MA=2067.66. The SPX must make a decision.

Note Added 11:34 AM: 8 MA=2068.65. SPX=2068.25. 34 MA=2067.93. The SPX must make a decision. The bulls must jam things higher now to save the day. There is only 72 pennies separating these characters. It is decision time.

Note Added 12:34 PM: The 8/34 MA cross remains bullish. The VIX drops to an 11-handle which fuels the market upside. SPX is 2070 curling the 8 MA higher preventing an 8/34 negative cross frustrating the market bears. TRIN is 1.42 favoring bears today.