Look for the 8 MA to cross down through the 34 MA to signal bearishness ahead. The 8 MA is above the 34 MA signaling bullish markets for the hours and days ahead but with futures down seven, it is not looking good for bulls. The expansion pattern (blue lines) remains in play. The SPX rolled over once the negative divergence formed yesterday (red lines). The indicators remain weak and bleak in agreement with the negative futures.
The inverted H&S is shown that has been discussed in the Comments section; head at 1488, neck at 1525, so target would be 1562 if the 1525 is violated to the upside. Keystone does not like to use inverted H&S patterns after rallies; the inverted H&S is much more useful after long declines. However, in trading an open mind is your best friend so the inverted H&S must be monitored. Bulls will obviously throw confetti if 1525 is taken out, if 1531 gives, they will begin a new drunken spree as the SPX all-time highs will be targeted. Bears want nothing to do with all that and are thinking that they already placed the market top and plan to take markets lower for the considerable future. 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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