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

The previous SPX 2-hour chart showed the VST (very short term) bottom in place for stocks and voila, the possie d fuel shoots price higher on the hourly basis. The 200 EMA on the SPX 60-minute chart is a key ST market signal. You can see that the bearish price action in stocks started on 2/21/23.

Late last week, a bull orgy appears and price pokes up through the critical 200 EMA on the 60-minute at 4021. This is a big deal for day and scalp traders. Since this bull/bear line in the sand is important, a back kiss is needed so that will likely occur in the days ahead where a bounce or die decision will then be made from the 4021 support.

On the last flip to the bear side (2/16/23-2/21/23; red circle), you can see how price highly respects this key metric. Bulls win big above 4021. Bears win big below 4021. 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 Tuesday Morning, 3/7/23, at 10:15 AM EST: Boom. Pope Powell lays an egg flapping hawkish wings expecting more rate hikes ahead. The 2-year leaps to 4.96% a year-to-date high. The 10-year yield is at 3.98% for a 2-10 spread dropping to -98 bips. Stocks tank and the SPX drops to 4013 right now testing the 200 EMA on the SPX 60-minute at 4024; failure. A short-term bear market is back but nothing is cast in stone as yet. This is the back kiss that was needed and price will now make the bounce or die decision from 4024. Right now, it is dying. Pope Powell begins speaking.

Note Added Tuesday Morning, 3/7/23, at 10:22 AM EST: SPX 4024. Bounce or die.

Note Added Tuesday Afternoon, 3/7/23, at 12:32 PM EST: SPX 4023. Bounce or die.

Note Added Tuesday Evening, 3/7/23, at 8:00 PM EST:  It died. The VST bear is back but now a back kiss would be expected to the underside of 4024.