SPX 30-Minute Chart 8/34 MA Cross H&S Patterns

The 8 MA crossed down through the 34 MA on Friday signaling bearish markets for the hours and days ahead. The 8 and 34 MA's are moving flat sideways (pink box), however, and very near each other, so the bull-bear fight continues. As long as the 8 stays under the 34, the bears are fine going forward. If the 8 crosses back up through the 34 MA, that will be one of the first signs that the bears are folding like a cheap suit. The H&S vibe is easy to see in the chart. Looking at the brown lines, there are numerous touches giving the slanted brown H&S street cred. A head at 1710 and neck line at 1685 would create 25 points of downside from a 1688-ish neck line failure, thus, a target of about 1660-ish. The neon blue lines set the H&S pattern horizontally with two necklines. Think of the neck as a thick crayon line running across 1682-1685. Thus, the downside target is 1660 if 1685 fails, and 1654 if 1682 fails. Markets stumble through the sideways 1672-1710 range for the last month, or 1682-1710 if you prefer.

The money flow is weak and bleak wanting to see lower lows for the SPX but the other indicators are in a sideways vibe.  Stochastics and RSI are under 50% in bear territory, as well as the MACD under zero, so give the bears a small nod for that. Use the 8/34 cross as a guide forward. The bears are in the lead as the new week begins. 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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