SPX S&P 500 60-Minute Chart with 200 EMA Cross; Sideways Symmetrical Triangle

The stock market is tanking due to the rampant complacency ongoing for the last couple-three weeks. UTIL failed the critical 763 level which flushes the market so keep an eye on that and a couple other things highlighted below.

The blue symmetrical triangle was highlighted the other day. Note the fake-out move out the top and price returned inside and collapsed out the bottom. Price has only barely failed the lower trend line of the triangle so the bulls are battling for their lives. The vertical side of the triangle is about 180 or 200 handles, you can play around with that. So a failure at 3050 would target 2850-2900.

The reason price is hesitating here is because of The Keystone Speculator's SPX 60-Minute Chart with 200 EMA Cross Indicator. The S&P 500 just failed the 200 EMA on the SPX 60-minute at 3053 which ushers in a short term bear market move. The bulls know that they must push price back above 3053 as soon as possible or it is lights out. Conveniently, the triangle trend line is there as well so this 3050-ish level is for all the marbles.

It never gets old watching the greedy little rats run from the sinking ship. The big screens display the bloody Wall Street carnage in real-time as Pachelbel's Canon in D streams full blast across the estate echoing along the hills of the scenic Laurel Highlands of southwestern Pennsylvania. How fantastic. Wunderbar. Look at that greedy little rat; he lost his shirt. There's one they are taking out head-first. Two more are on stretchers behind him. The cello is haunting, the piano flawless. Look at that one, bleeding and unable to move; he must have lost all his clients money. Everyone will get what they deserve over the next couple years. Play on, Johann.

You can gauge the strength of the selloff with the utes, banks and volatility; UTIL 762.60, XLF 23.36 and VIX 37.43 are the lines in the sand identified by the Keybot the Quant algorithm. UTIL is at 762 trying to recover. The failure in utilities opened the trap-door in the market so watch it closely. The banks failed. XLF is at 23.08 a serious rupture below the 23.36 bull-bear line creating a lot of today's negativity. VIX is at 35.09. Bears need 37.43 and higher to destroy the stock market today. The HOD is 37.12. Watch it closely. UTIL is slipping to 461 so you will see the stock market slump again intraday. The sight is fantastic. Look at the greedy little rats run. Run you greedy little bast*rds, run! 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 12:25 PM EST: The SPX comes up for the back kiss at 3053 so it is bounce or die time at the 200 EMA.

Note Added 12:36 PM EST: The SPX is down 82 points, -2.6%, to 3050 on the dot. How do you like that? Is Keystone taking care of yinz or not? SPX 3050, UTIL 763, XLF 23.36 and VIX 37.43 will tell the market story over the next day. Pay attention.

Note Added 12:40 PM EST: The SPX is at 3048 so bears are happy. UTIL is at 761 and XLF is at 23.06 creating stock market negativity. VIX is at 35.27. Bears need higher volatility which will completely lop off the bull's heads. Bulls need higher utilities which will at least hold the bears off at the door. UTIL prints a 760-handle. LOD is 759. If that is lost, the stock market may all-out crash limit-down.

Note Added 12:50 PM EST: The bulls are pumping utes. UTIL is at 763 on the bull side but it is a struggle. If the bulls fail on this back test, the downside may accelerate quite sharply. The bulls have regained UTIL 763 so they better push higher fast. If you shoot the king you better kill him otherwise he will get you. UTIL is at 763.37.............. can the bulls hold the line at UTIL 763 or will it fail again creating death and destruction for equities? SPX 3057.

Note Added 1:02 PM EST: UTIL 764. SPX 3063.

Note Added 1:05 PM EST: Fed Chairman Powell jumps on top of the utilities and he is pumping, pumping, pumping. Wheeee!  UTIL 765. SPX 3064.

Note Added 1:27 PM EST: UTIL loses the key 763 level again now at 761 so the SPX slumps to retest the 200 EMA on the SPX 60-minute at 3053. It's bounce or die time.

Note Added 1:31 PM EST: Whoopsies, daisies. SPX slips to 3049 in a flash. Check that, now a 3046 handle. UTIL 761. Bears better kill those bulls now or they will rise up again. Bears need the VIX above 37.43 and the blood will flow like water on Wall Street. VIX is at 35.71. UTIL slips to 760. XLF is at 23.00 ready to print a 22 handle. The banksters are in the back room puking their guts out. Show them no pity.

Note Added 1:35 PM EST: XLF 22.99. SPX 3044. UTIL 760. UTIL LOD is 759.00 so this is key. It is time to place the crash helmet on the head and attach the shoulder harness on the computer chair. If UTIL loses 759, and the VIX climbs above 37, today will end in an epic blood bath.

Note Added 3:20 PM EST: The Fed is pumping those utilities like crazy goosing UTIL to 766 and now up to 770. The bulls dance with glee since UTIL is pushed out of trouble and ditto the SPX at 3063 now up and away the critical 3050-3053 support level. The bulls are bragging that they have rich Uncle Fed protecting them and nothing bad will ever happen to the stock market. VIX 34.19. XLF 23.14. UTIL 769.53. Do you see how UTIL teased down to 759-760 and was on the verge of failure through the LOD when the stick-save occurred? It is funny that the stock market can only be minutes away from big-time failure and people do not even realize it.

Note Added 3:35 PM EST: Mr Market is tip-toeing down a muddy slope. It is slippery, slippy as they say in Pittsburgh, and he can feel his feet sliding. Whoop. Mr Market swings an arm out to catch his balance, he continues stepping very slowly and gently afraid of falling, Mr Market looks like President Trump walking down a ramp. SPX 3056. UTIL 768. The 200 EMA on the SPX 60-minute chart is 3053.43 call it 3053.00-3053.50. If this level fails, the stock market is in serious trouble going forward. If the SPX remains above 3054, the bulls are fine and will live to fight plenty of other days.

Note Added Thursday Morning, 6/25/20, at 3:35 AM EST: The S&P 500 could not hold the 200 EMA so the bears are happy. However, the bulls pushed UTIL back above 763 and the VIX is currently trading at 36.34 not yet above the key 37.43. The battle continues. Utes will likely fail again if the futures hold. S&P's are down -41 currently. Don't you love the smell of napalm in the morning?