Looks like the bears may have the Charlie Brown football pulled out from under them again today. The 8 MA is coming down to stab thru the 34 MA to place the bears in charge, however, the futures are up, oil is up, copper is up, yields are up, so price wants to jump to 1500 to start the day. With a price spike, the 8 MA will stop its downward slide and reverse back to the upside saving the day once again, keeping the bulls in charge for the hours and days ahead if the 8 stays above the 34. When price comes back up watch to see if negative divergence is placed (red dots and thin red lines), or not. Negative divergence will create another spank down. The bulls have been in charge for six days when the 8 MA won the fierce sideways 8/34 MA battle back then. The indicators were in overbot territory signaling negative divergence three times as price climbs, all of them resulting in the expected smack down, but the bears simply do not have any juice. The bulls are buying dips and now that strategy is replaced with buy anything. Usually more substantive downside would be expected from the negative divergence.
The upward-sloping channel is in play with price poking up thru the top rail yesterday so watch to see if price remains inside which would mean price staying under 1500-1501 (not including a spike which may tag 1505). Key S/R levels are 1505, 1496, 1489, 1485 and 1476. A break up thru 1505 places the 1520's on the table. Traders typically pare back shorts on Friday afternoon creating bullishness, however, with a price spike this morning, and if the negative divergence is placed again, the afternoon could set up for a reversal and perhaps the bears will try to run the 8 MA down thru the 34 MA before the weekend. Bears got nothing unless they move the 8 under the 34. 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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