SPX 60-Minute Chart 200 EMA Cross

The bulls and bears continue the sideways battle this year. The 200 EMA on the 60-minute is 2084.62 moving flat sideways. The SPX is below which signals bearish markets for the hours and days ahead, however, the S&P futures are up +12 as the week is set to begin trading shortly. This would send the SPX above 2090 and above the 200 EMA signaling bullish markets for the hours and days ahead.

The battle at 200 EMA will likely continue all day long so pay close attention; it is extremely important which side price favors since it charts the path ahead. As the SPX Support, Resistance and Moving Averages missive highlights on the weekend, 2091 is very strong resistance. The bears need to hold 2091, otherwise, price will set its sights on 2099 R. A cluster of S/R exists at 2084-2085 including the 200 EMA above, the 50-day MA at 2085 and 20-day MA at 2084 so this level carries serious clout. Bulls win big above 2085. Bears win big under 2084. The stage is set for today's drama.

The indicators are positively diverged except for the MACD line that would like to see another lower low. The MACD line remains sloping lower on the 2-hour chart as well. The TRIN pegged 4.00 on Friday during the market selling signaling a need for a relief rally move which appears on tap. Markets may recover today for a few hours, or into tomorrow but the door remains open for lower lows in price. Watch the fight for the 2084-2085 line in the sand. Bulls will be on easy street if the 2091 and 2099 resistance levels give way to the upside. Bears need to hold 2091 and then push price under the critical 2084-2085 level. 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 8:04 AM: The bulls rocket higher today reversing Friday's losses. The SPX launched higher out of the gate and closes at 2100 well above the 200 EMA at 2086 signaling bullish markets for the hours and days ahead. Bears need the SPX under 2086 or they got nothing. Price ran up through the strong 2091 R so it targeted 2099. Price ran up through 2099 R so it targeted 2104 R. Price HOD is 2103.94 hitting its head on the 2104 resistance and receiving a slap down. Thus, price is playing around with 2104 resistance and 2099 support. Bulls win above 2104. Bears win below 2099.