The bears were pushing lower into the closing bell as noted by the stronger volume. Note the low of the day bouncing from the 1648.50 support which now has street cred moving forward. The SPX rolled over as the day played out and the indicators remain weak and bleak moving forward. About two or three candlesticks should chart a path lower which equates to one or two hours of trading, however, the dip-buyers are already buying overnight and the S&P futures are up about six points at this writing.
The 8/34 cross is the key item to watch on the 30-minute chart and the 8 remains above the 34 signaling bullishness for the hours ahead, however, note that the 8 MA is poised to stab down through the 34 MA after the opening bell. The only way to prevent the negative cross, or at least create a short-lived cross, is for the bulls to create a strong upwards open, and that is what is being attempted by the looks of the futures. Each time the bears try to get something going with the 8/34 negative cross the bulls always spoil the day. The Fed and BOJ easy money policies are out of control now and trader's firmly believe the easing will never end. Fed heads voiced the need for tapering yesterday, which created the late-day swoon, but, as mentioned, traders are buying this morning. Watch the 8/34 cross to see if the bears finally gather some downside momo, or not. The economic data releases at 10 AM will create a pivot so pay attention to that move. A potential sideways range may develop through 1645-1660. 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 10:19 AM: The bulls pull the rug out from under the bears once again like Lucy pulling the football away just before Charlie Brown attempts a kick. The only way the bulls could prevent the 8/34 negative cross was to create a large upside opening, and, that is what they did. SPX is up 10 to 1660 preventing the 8/34 cross, for now.
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