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

The Keystone Speculator's SPX 60-Minute Chart with 200 EMA Cross Indicator is a key stock market signal that dictates whether equities are in a bull or bear in the short-term. The 200 EMA on the SPX 60-minute is 3490 and price is at 3579, the Friday trading session just started in the States, so the stock market is in a near-term bull market. Bears need the S&P 500 below 3490 since that is when the wheels start falling off and the market cart overturns losing its Autumn gourd.

Look at that 3525 level (red line) which acts as key support/resistance. It has several under-touches in late November then price comes down to test this key support mid-month and bounces. Obviously, the 3525 support is key. You can see how price respects the 200 EMA in early November. Price came up and was spanked down on its first try. Then the SPX came up again and was rejected again at the 200.

Then, the following day, 11/4/20, the day after Election Day, when it looked like Biden would win, stocks gapped-up higher (thru 3525) and never looked back. The move is perhaps not so much that America is excited about Sleepy Joe Biden but perhaps simply because some uncertainty was removed. Comically, King Donnie Trump remains barricaded in the Lincoln Bedroom refusing to come out and concede so the uncertainty is back. He is trying to gain confidence to face people now that he is a loser. He draws inspiration from Stuart Smalley in an old SNL skit. Donnie looks in the mirror, when he is not looking at Twitter, and repeats, "I deserve good things, I am an attractive person, I am fun to be with and doggone it, people like me." 

As price comes down, watch the 3525 support. If it fails, then a test of the 200 EMA on the 60-minute at 3490 is guaranteed where price will bounce, or die. If the SPX goes sub 3490, it is going to fall, fast and hard. The bulls are going to try to hold the 3525 and 3490 lines in the sand by hyping some more vaccine news or maybe a fiscal stimulus deal. Once the market starts rolling over, it is likely going to have momentum lower, and happy talk will not save it in its initial negativity. The 3525 and 3490 support levels tell you what you need to know going forward. 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.