Here we go again. Remember the whipsaw drama days ago with the 8 and 34 playing a hot-potato reversal game (red and green circles)? The bears are trying to give it a go again. The 8 MA is very close to stabbing down through the 34 MA to signal bearish markets ahead, but, remains 13 cents away. If 1525 serves as a head, the 1495 level is a neck line, which would target 1465, but, staying closer to the here and now, an H&S with a head at 1525, and neck at 1518, which ruptured a short time ago, would target the 1511 support level. Watch to see if the 8 moves under the 34 MA before the close, if so, the bears will have a steak dinner this evening. 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 2/14/13 at 6:50 AM: The session closed with the bulls providing a stick save, the 8 MA is 1519.23 and the 34 MA is 1518.94, so the bulls remain in control. At this writing, however, Thursday morning, the S&P's are down 7 so the SPX should start with a down move and the 8 should slice down through the 34 MA at the opening bell.
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