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

The choppy sideways slop continues. The S&P 500 has basically been moving through 2440-2450 for the last week (brown channel). Sideways whipsaw markets chew up bulls and bears alike. The downward-sloping red channel is in play. Price is trying to break up through the upper trend line so this is a critical time. The indicators are not tipping their hand heading sideways.

The stochastics push into bull territory above 50% and are long and strong over the last couple hours, ditto money flow, so some further buoyancy in price would be expected in this one hour time frame.

The market bears are fine as long as the SPX does not move above the 200 EMA on the SPX 60-minute chart at 2452. Bulls will rule the stock market with every day forward a big party if the SPX moves above 2452. As explained on the weekend, there is a cluster of moving averages and price resistance at 2451-2454 so this resistance gauntlet is key.

20-day MA 2454
Price resistance 2454
Price resistance 2453
200 EMA on 60-minute 2452
50-day MA 2451

Keybot the Quant is short and tracking SOX 1075.07, XLF 24.65 and VIX 11.18 as these three stooges are most impacting market direction currently. Let's see. SOX is at 1083 creating bullishness in the stock market. XLF is 24.53 creating bearishness in the market. VIX is at 11.89 creating bearishness. One of these three will flinch and tell you the direction ahead for stocks.

Also watch the VIX 200-day MA at 11.68. VIX is at 11.89 so this is a feather in the bear's cap. Market bulls got nothing unless they move VIX below 11.68 and ultimately under 11.18. The beat goes on. 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 6:56 PM EST:  The VIX finishes at, wait for it, wait a little bit longer for it, 11.70. The battle at the VIX 200-day MA will be key tomorrow. VIX begins trading at 3 AM EST.