The 8 MA is above the 34 MA signaling bullish markets for the hours ahead. Bears set things up for a potential negative cross this morning but the S&P futures will have none of it, +6, and instead wanting to see price move higher. The bears are trying to maintain the downward-sloping channel of lower lows and lower highs. The bulls are trying to maintain the upward-sloping channel of higher lows and higher highs. Bears got nothing unless they create a negative 8/34 cross. The indicators are moving into sideways symmetrical triangles so an up or down decision has to be made today. The brown lines show an inverted H&S with head at 1825, neck line at 1839, which targets 1853.
The blue circle shows last year's closing and intraday all-time highs at 1848+. The SPX daily chart (scroll back a couple of pages) showed the long and strong RSI, MACD and money flow that wanted to see a matching high at 1848-ish, but the SPX weekly chart wants to see down for the weeks ahead. Price does not have to come up right now to 1848-1850 to satisfy the daily chart, this can occur after a market sell off, but the SPX is in the neighborhood now and the futures are looking positive.
Regardless of these VST machinations, the SPX weekly chart will exert its influence moving forward and wants to send price lower. Note the confluence at 1843 with the upper channel rail and horizontal resistance, thus, this 1843 resistance level may provide drama today where Caesar will extend his arm turning his thumb up, or down. Watch the 50% levels for RSI, stochastics and money flow to see which side is winning. Watch the 8/34 cross since it tells you who is in control in real-time. 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 11:26 AM: The SPX moves higher to test the 1843, and fails. The 8 MA stabs down through the 34 MA to signal bearish markets for the hours ahead. Can the bears maintain the negative 8/34 cross, or, will the bulls fight back and take the bear's lunch money again?
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