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

The new year begins with stocks trading through sideways slop. The 8/34 MA cross on the SPX 30-minute chart is a useful short-term market indicator. The 8 is under the 34 forecasting bearish markets for the hours ahead, however, the 8 MA is now curled upwards and the 34 is sloping downwards so a potential positive cross may occur today. Market bears need to sink the SPX price under 2263 immediately to prevent the 8/34 positive cross from occurring. S&P futures are down 1 point about three hours before the opening bell for the Tuesday session.

The sideways channel is in play. There are seven crosses with the 8/34 MA's over the last nine days which verifies the sideways choppiness in markets which chews-up both bulls and bears alike. Price will eventually make a decision. Bulls win big above 2275-2277. Bears win big under 2257-2259. The sideways slop and chop continues through 2259-2275.

The 200 EMA cross on the 60-minute chart, a competing short-term market direction indicator, is bullish while the 8/34 MA cross on the SPX 30-minute chart above is bearish. One of them is wrong so watch these crosses closely to confirm the stock market direction ahead.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 Wednesday Morning, 1/25/17: The SPX rockets higher on Tuesday, 1/24/17, printing a new all-time record high at 2284.63. The S&P 500 gains 15 points, +0.666%, to 2280.07 a new all-time closing high. Price jumps up through the top channel lines at 2275-2277 so bulls throw confetti. Watch for follow-through, or not.