SPX S&P 500 60-Minute Chart 200 EMA Cross

The SPX is under the 200 EMA on the 60-minute chart at 2090 signaling bearish markets for the hours and days ahead, however, the bulls are trying to create a base and recovery. S&P futures are up +25 on Friday morning so the SPX will target the 2075-2080 after the opening bell. Market bears are fine as long as the SPX remains under the 200 EMA. If price overtakes the 200 EMA at 2090, the bulls will celebrate with a big party well above 2100 in the days ahead.

The brown lines show a sideways pattern in play for one month through 2047-2083 and the case can be made for a tighter range through 2067-2083 with price targeted to be in this range in Friday's trade. The green lines show positive divergence creating bounces but the enthusiasm was not for upside but instead further sideways stumbling. The happy Greece bailout news is driving this morning's gains.

Keybot the Quant remains short but may flip long if either RTH moves above 75.89 and/or XLF above 24.62, either would do, and the SPX above 2074, and remains above.

The critical 150-day MA is 2078.51. The important 10-month MA is 2062. 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 on Saturday, 7/11/15: The battle at the 150-day MA at 2078-2079 will continue on Monday. The SPX ends the week at 2077. Keybot the Quant algorithm flips bullish. Financials are the key parameter most impacting market direction currently. The XLF 24.62 level is a key bull-bear line in the sand and as financials go, so goes the markets.