SPX S&P 500 30-Minute Chart; 8/34 MA Cross; Sideways Symmetrical Triangle

The SPX 30-minute chart has been interesting to watch lately. The bulls create a positive 8/34 MA cross so the stock market should be bullish for the hours ahead. However, the SPX, 8 MA and 34 MA are all at the same confluence at 2261-2263; call it 2263. Price is at the apex of a sideways symmetrical triangle and has to make an up or down decision.

If price drops out of the triangle the downside target zone would be 2213-2233. If price breaks out to the upside, the 2293-2343 zone would be targeted. Today is an important and pivotal day. S&P futures are up 5 points with the opening bell less than one-half hour away. The bears created the spankdown off the top with the rising wedge, neggie d (red lines) and overbot conditions, however, bears do not have any gusto with volatility so low. The VIX has an 11-handle. The pivot from SPX 2263 today is very influential to the overall path of the stock market ahead. Let it play out a while today since the initial move may not be the true path forward. 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.