SPX S&P 500 60-Minute Chart with 200 EMA Cross; Failure at SPX 7388 Ushers-In a Short-Term Bear Market

The key SPX 60-minute chart with 200 EMA cross metric fails at 7388 ushering in a short-term bear market, as explained a few charts ago. Scroll back a few charts or here is a link. Read that first. So price fails at the critical 200 EMA on the 60-minute chart at 7388. Note the textbook price action. Price fell to the line in the sand, and bounced from the support, but then came down again and failed. Then, price came back up from the underside for the back kiss to make sure it truly wanted to go down and voila, the SPX hits its head on the 7388 resistance and falls back down the steps again, a successful back test for the bears.

Watch the price support at 7277 that spells lots more trouble ahead. Then, watch that low at 7237 that likely opens the door to sustainable pain and misery for anyone long the market. Grab a Sharpie and write 7388 on a post-it note and stick it on your forehead. This tells you who wins going forward and then the 20-day MA at 7475 would confirm solid upside joy, while a failure at the 50-day MA at 7214 would spell doom and gloom for the summertime. In the Summertime by Mungo Jerry. It's the summertime, and men have women on the mind. 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 1:02 PM EST: The Keybot the Quant robot remains short and is tracking the VIX 20.77 bull/bear line in the sand as the most important metric impacting stock market direction currently. The VIX is above 20.77 at 21.56 so it creates pain and misery. Bulls need VIX below 20.77 or they got nothing. Stocks can rally but if the VIX remains above 20.77, stocks will reverse and fall apart again. Thus, SPX 7388 and VIX 20.77 tells you everything you need to know about the stock market and both metrics are creating negativity right now.