SPX 60-Minute Chart 200 EMA Cross

The drama in the prior 60-minute chart played out with the SPX coming up ready to pierce up through the critical 200 EMA at 2038.17, however, price receives a spank down. The move is a textbook back kiss and should make the bears smile since it opens the door for lower prices. The MACD line is weak and bleak wanting a lower low in price for the one-hour time frame after any bounce would occur. The price action through the 2002-2061 channel continues for 2015.

So the table is set for Wednesday. Bulls win big if the SPX moves above 2038. Bears win big if price remains under 2038 signaling bearish markets for the hours and days ahead. Watch the cross closely since it determines the very near term market direction (in the hourly, minute and perhaps daily time frame). Bulls got nothing unless they push the SPX above 2038. There is also strong horizontal price resistance at 2038. Also, the 20-day MA is 2038.75 so the 2038-2039 gauntlet carries weight. Good things happen to market bulls above SPX 2038-2039. The bears rule the markets as long as the SPX remains below 2038-2039. 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 Thursday morning before the opening bell, 1/29/15: The bears win the day yesterday. The bulls attacked the 2038-2039 gauntlet after the opening bell but could not overcome the resistance level. Price drops down to the bottom blue line, the lower rail of the one-month sideways channel at 2001-2002.