SPX 60-Minute Chart 200 EMA Cross

The SPX is under the 200 EMA on the 60-minute chart at 2037 signaling bearish markets for the hours and days ahead. Bulls got nothing until they regain the 200 EMA. The indicators are long and strong over the last few candlesticks (hours) sans the money flow. Therefore another one to four candlesticks are needed before neggie d can form and create a spank down. The RSI is above 50% which will create upside strength; the stochastics are not yet overbot so price should float higher.

The 2-hour chart is long and strong as well so that would need 2 to 4 candlesticks so the bulls may be able to keep stocks floating higher for the hours ahead moving towards the epic ECB announcement on Thursday morning. The upside resistance levels at 2024, 2032, 2037-2038, 2040 and 2046 are in play. The 20-day and 50-day MA's are at 2045-2049.

The other short term signal, the 8/34 MA cross on the 30-minute chart is signaling bullish markets for the hours ahead. These two signals will join together either in the bull, or bear, camp this week and verify the market direction ahead. Either the 200 EMA cross above must turn bullish, or the 8 MA must drop down through the 34 MA on the SPX 30-minute chart. One of them is going to flinch.

The strongest S/R is 2094, 2091, 2088, 2082, 2079, 2075-2076, 2067, 2061, 2046, 2040, 2038, 2032, 2024, 2018-2019, 2011, 2002-2003, 1998, 1988, 1985-1986 and 1982.

The red rising wedge pattern targets the 2032 resistance level for a potential topping out area. Considering the importance of the 200 EMA at 2037 and dropping, the bulls may be gunning for 2032-2037. The bears may be able to set up neggie d in the hours ahead and create a down move from that level. The week ahead may dance through 2011-2046 until ECB President Draghi instructs global markets on how to trade on Thursday. Market bears need some negative news to occur overnight to create market downside. China GDP occurs overnight.  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.