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

Here is the SPX 1-hour with the 200 EMA cross that was posted a couple days ago. It is a useful tool in verifying the near-term bull market versus a bear market. Keystone said to watch for the back kiss in a couple days so here we are. Bulls were happy overtaking the 200 EMA on the 60-minute at 2776. Bullish joy exists above. Bears will growl for the hours and days ahead if the 200 EMA fails. Right now, price is at 2771 under the 2776 so the bears are throwing confetti into the weekend.

It is odd to see stocks selling off in front of a holiday weekend. The US bond market is closed on Monday for Veteran's Day (thanks to all the vets) but stocks will trade. The purple lines highlight the huge gap at 2747-2770. If the bottom would fall out of price right now, and the SPX would collapse immediately to 2747 and lower, that would be an island reversal pattern. Price is on an island right now above that purple support line.

Stock market bulls need the SPX to bounce right now and move above 2776 and higher to verify that more upside is ahead. Bears need to keep the SPX below 2776 which will lead to further deterioration in stocks. 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 Sunday, 11/11/18: The SPX ends the week at 2781 above the important 200 EMA on the 60-minute at 2776. The bulls and bears battle all day Friday and the bulls cheer all weekend long. However, the S&P 500 could not close above the key 150-day MA at 2784. The bulls should have been able to find 3 more points but they could not. The slope of the 150-day MA remains positive which signals an ongoing cyclical bull market. Bears need the 150-day MA line to flatten and then roll over with a negative slope which would signal intermediate term (weeks and months) weakness in stocks. The snap-back rally in the S&P 500 over the last 1-1/2 weeks is astounding.