SPX 30-Minute Chart 8/34 MA Cross Overbot Rising Wedge Negative Divergence

The 30-minute receives an initial smack down due to the negative divergence. The chart would be content with this mornings price high, a new record all-time high at 1991.39, as a near term top. The previous 2-hour chart hints at a recovery move to play around at the highs again after an initial selloff occurs. The 8 MA remains above the 34 MA signaling bullish markets for the hours ahead. The bears need to push the SPX under the 8 MA at 1989 to start curling the 8 MA downwards to create a negative 8/34 cross. The bears got nothing until they receive the 8/34 negative cross.

Projection is sideways to sideways lower moving forward with current price levels serving as a near term top. Watch the MACD line cross to see if the bulls may try to thrust higher; the RSI also did not become overbot, but overall, the chart is consistent with price topping out and rolling over. Key support below is 1986, 1985, 1984, 1982, 1980, 1976, 1973, 1968, 1963, 1961, 1960 and 1956. Note the TRIN today down at an uber low at 0.74 creatign bullish lift today. Ditto dollar/yen at 101.82. Banzai! The weaker yen sends stocks higher. Interestingly, the VIX is up today, so is the SPX, so one of them is wrong. VIX is at 11.78 languishing under 12 continuing to create lift in the stock market. Bears need VIX 12.95 to create sustainable market selling. 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 7/25/14: The 8 MA stabs down through the 34 MA on the SPX 30-minute chart at the opening bell today signaling bearish markets for the hours ahead.