SPX S&P 500 30-Minute Chart with 8/34 MA Cross; SPX Prints All-Time Record High at 3294.25; US-China Phase One Trade Deal Signing Tomorrow; Continued Tariffs Sink Stocks

The stock market bears need the 8 MA to stab down trhough the 34 MA on the SPX 30-minute chart to signal the all-clear for negativity ahead. The bears got buptkis until the negative cross occurs. The 8 MA is above the 34 MA signaling a happy bullish rally. The S&P 500 will only curl over to the downside when price falls below the 8 MA level. Thus, the stock market will likely weaken if SPX 3283.42 fails. If the SPX drops through 3277.32 that would be further trouble and as that happened, the 8 MA would likely be ready to stab down through the 34 MA.

The bears tried to growl yesterday and the negative cross was about to occur but the bulls jammed the tape higher on the news that the US would no longer call China a currency manipulator. You see the 8 MA then trending higher again so now we will see if it rolls back over. The red lines show universal neggie d wanting price to receive a smack down, we are at a top right now in the minute and hourly and daily SPX charts. Blow on the SPX and that should start it downwards.

Watch for the negative 8/34 cross. Bears got nothing until it happens. Negativity begins at sub 3283.42 and accelerates below 3277.32. 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 10:58 AM EST: Whoopsies, daisies. The SPX falls to 3281 that will curl the 8 MA to the downside. The plot thickens. The 8 MA is at 3283, here comes price back up for a back kiss at 3283-3284, it's decision time. The stock market will likely significantly weaken if the bears can drive the SPX sub 3283 and lower. On a side note, UTIL is at 879.94 remaining below the critical 880.50 level which is a negative force for stocks going forward but keep an eye on it. Bulls and bears are battling and my be deciding if it is best to wait until the morning to see if all the details in the US-China trade deal are available.

Note Added 11:03 AM EST: Wheeeee. Whoopie. The SPX pops above 3285 and the bulls are happy. Ahhh, ooohh, smack, thwack. SPX slips down to 3283 right on top of the 8 MA. What say you stock market? Can you keep your exhausted butt moving down the track or are you ready to clutch your heart, collapse and fall over? Charts say heart attack.

Note Added 11:11 AM EST: The bulls are happy pushing the SPX to 3286. The bullish traders on the floor break out in song as they buy stocks with reckless abandon and without worry or care.

Note Added 11:17 AM EST: Whoopsies, daisies. UTIL is printing an 878 handle.

Note Added 11:31 AM EST: UTIL 877 handle.

Note Added 11:38 AM EST: UTIL 876 handle.

Note Added 12:03 PM: The SPX prints a new all-time record high at 3288.41. This is odd since utes are moving lower. 

Note Added 12:48 AM EST: Bulls are singing Oh Happy Day as the SPX catapults to a new all-time high at 3292.07. Insiders must be reading a bootleg version of the US-China trade deal before everyone else sees the details and they must like what they see. The negative divergence says price should be going down but instead the SPX keeps floating higher, a zeppelin balloon floating ever higher.

Note Added 12:54 PM EST: The S&P 500 prints the highest number ever recorded in stock market history at 3292.25. Traders are mesmerized by the sight. It's beautiful. Investors dance with glee building a shrine to celebrate the power of Chairman Powell; they adorn the Fed altar with flowers and gifts. UTIL is at the 878 palindrome with the bulls desperately trying to push the utes up over 880.50 but it is like trying to push the St Bernard off his favorite place on the sofa. The indexes are green, the wine is flowing like water, the sky is blue displaying a rainbow of joy and prosperity, yes, we have reached a permanently-high plateau as Irving would say.

Note Added 1:07 PM EST: Wheeee. Whooopie! The SPX spurts higher again the latest all-time record high at 3292.83. The chorus line begins dancing out from behind the curtain next to the snack bar. Their long sequined leg kicks correspond to the bullish traders hitting buy buttons in syncopated rhythm. The NYSE installed a disco ball yesterday which glimmers as the techno-beat music is turned higher. Spurt. Spurt. The SPX prints a new all-time record high at 3293.22. All this joy as UTIL slips to 878.28.

Note Added 1:15 PM EST: SPX 3292.18. VIX 12.12. UTIL 878.48.

Note Added 1:33 PM EST: Spurt. The SPX prints a new all-time high at 3294.14. Bull cheers erupt on the trading floor. If the never-ending stock market rally makes the wealthy elite class happy, it can't be all that bad, right? The US-China trade deal must be a little bit better for the US than expected.

Note Added 1:35 PM EST: The SPX prints the highest number ever at 3294.25.

Note Added 1:36 PM EST: Whoopsies, daisies. The SPX collapses on news from Bloomberg, and CNBC, that the China tariffs will stay on until after the US presidential election in November. It would have been expected that the US would relax some tariffs as part of the deal so the markets are surprised that the tariffs will stay in place. Traders may be a little bit confused right now. The SPX drops to 3285 then pops back to 3291.

Note Added 1:42 PM EST: SPX 3290. VIX 12.22 (briefly spiked above 13 to 13.82). UTIL 877.30.

Note Added 1:44 PM EST: The SPX falls to 3285 below the 8 MA on the SPX 30-minute chart at 3287. The 34 MA on the SPX 30-minute chart is at 3280. So the watch for the potential negative 8/34 MA cross on the S&P 500 30-minute chart continues. The tariff news harpooned the market.

Note Added 2:04 PM EST: SPX 3280. The LOD is 3278.92 so there will be trouble if it failed. VIX 12.83. UTIL 878.58.

Note Added 5:09 PM EST: The smoke has cleared and the bulls and bears decide on a truce until the details of the US-China trade deal are revealed tomorrow. The SPX loses 5 points, -0.2%, to 3283. HOD is 3294.25 the all-time high. LOD is 3277. For the SPX 30-minute chart above, the 8 MA is at 3286 and the 34 MA is at 3281 so watch to see if the negative cross occurs which would accelerate the downside in equities. Bulls are okay if the 8/34 MA negative cross does not occur. It is unknown whether the text of the Phase One agreement will be released overnight, early in the morning East Coast time, or sometime during the day, or after the signing, or even tomorrow evening or Thursday morning; with Donny you never know. The trade deal circus is like a jobs day circus the first Friday of each month, or a Fed meeting. Traders are willing to push the markets out sideways and wait and see what the real story is in the morning, and that is what is done today. The charts say down for stocks. President Trump will deliver the trade deal tomorrow for all of us to read. It will either provide a thumbs up from King Donny sending stocks gloriously higher and boosting the utilities to prove that there is more upside ahead for a few weeks, or, a thumbs down for a weak deal that was not worth all the trouble over the last three years and sends stocks into a tailspin especially receiving wicked downside fuel from the negative divergences. UTIL 880.50 remains key and the bulls goosed it to glory during the last 5 minutes of the trading day with UTIL now at 881.99; this is a huge bull win but the battle will likely continue tomorrow. Considering the wild and erratic price action, a flash crash is on the table going forward. That would surprise everyone. Humorously, at the Whitehouse this evening, Donny is frantically erasing and taping over some of the language in the trade deal before the signing tomorrow. He plans on going to the bathroom in a few minutes where he will sit on the toilet and tweet about the deal.