The 8 MA crossed above the 34 MA to signal bullish markets for the hours and days ahead. The flip flops for this 8/34 MA are ridiculous at this point, and they are getting old. The 8 and 34 MA cross should occur about once every few days time. In the last nine days, the 8/34 cross has occurred nine times. This behavior is testimony to the special nature of markets currently. These are not your Grandfather's markets. Negative divergence cannot exist as yet since the SPX did not print a higher high as compared to three days ago but the indicators show a lack of interest as the final hour or two played out today (red lines).
The 1520 and 1524 are key resistance levels, the 1520 held today. If price moves down from here the blue expansion pattern would remain in play with price potentially heading for the lower blue rail in the 1460's or 1470's. For these markets, you never know what you will get one day to the next now. The projection would be a roll over from 1520 or 1524. 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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