The 8 MA crosses above the 34 MA yesterday signaling bullish markets for the hours ahead, which carried the day through the closing bell. Futures, however, are leaking lower into the opening bell. Price jumped up and out of the brown falling wedge. The indicators are in more of a sideways funk rather than firmly committing to one side or the other. The thin blue lines show a potential bull flag in play. First leg from 1675 to 1695, then a sideways consolidation flag that is playing out now. Say price starts the second leg from 1685-1690, that would target the 1710 resistance. Watch the 1685-1687 level since if it holds, the bull flag remains in play. If price starts to leak under 1685 and stay under the bull flag will likely become negated.
Interestingly, there is a much larger bull flag on the 2-hour chart showing a move from 1630 to 1730 for the first leg, during September, one hundo handles, and if the second leg begins from the 1675 low, that would target 1775, a number that the majority of the bulls keep touting. A drop under 1675-1680 would negate this bull flag pattern. Until then, it remains in play. Watch the 8/34 cross. Bears got nothing unless they create a negative 8/34 cross today. 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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