The green circle shows the 8 MA moving above 34 MA signaling bullish markets for the hours and days ahead. The bears started to make a run lower with the negative 8/34 cross on Tuesday but the bulls would not allow that. Overnight the 8 and 34 MA, and price, all sat at the same location waiting for this morning's decision which resulted in the thrust higher. The bears have to curl the 8 MA downwards and that will not happen unless the SPX starts printing 1688 and lower. The green ascending triangle pattern is in play with base line at 1683. Using the vertical line from Monday, about 13 points, the upside target is 1696 (1683+13). The vertical side from last Thursday must be considered, about 25 handles, although it is a bit cheesy for the triangle, the tighter pattern over the last three days or so is stronger, but nonetheless a 25 point move from 1683 is 1708-ish.
The red lines show the smack down due to the negative divergence this week (red arrow) and with the new price high, the maroon lines show continued negative divergence and overbot conditions. There is some momo in place (green lines) over the last day that can create the move to tag the 1696 target but the expectation is that negative divergence will again roll price over to the downside. The SPX will likely want to back test the triangle break out at 1683. As price sneaks higher watch for negative divergence. Bulls are on easy street as long as the 8 MA stays above the 34 MA. 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.
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