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

Keystone often mentions the 200 EMA on the 60-minute chart as a key short term market signal. It failed to the downside a week ago (red circle) and remains below forecasting bearish markets for the hours and days ahead. Note the two successful back kisses for the bears (small blue circles) verifying the importance of this key signal line. That is algorithmic behavior. The 200 EMA on the SPX 60-minute at 2453 carries clout.

Price staggers sideways  through choppy slop. The SPX is in a tight sideways range at 2440-2455. There is a gap fill needed down at 2430 as well as a gap fill needed up at 2465. The purple horizontal channels are in play. The downward-sloping blue channel is in play with price trying to break up and out of that boundary. Bears need to push hard and keep price under that blue trend line. If the bears succeed, the SPX will likely fail at 2440 and begin seeking the lower blue trend line at 2400-ish.

If price breaks up through the 2453-2455 resistance gauntlet, price will not look back until it fills the gap at 2465. The VIX 200-day MA at 11.72 is very important in the week ahead. The VIX is below 11.72 at 11.28 favoring the bulls. If the VIX remains under 11.72, the SPX will poke up through the 2453-2455 and the bulls will declare victory ahead.

If the VIX moves above 11.72, the SPX will collapse under 2440 and move lower to fill the 2430 gap. 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.