SPX 2-Hour Chart Upward-Sloping Channel Bull Flag Overbot Negative Divergence

The hourly and minute charts are rolling over. The 2-hour above shows the RSI refusing to give in to the bears, however, and wants to see another higher print. The other indicators are overbot and negatively diverged wanting to see a smack down. Thus, the RSI leaves the door open to another higher print in the apex of that small rising wedge, then all the indicators should be lined up with negative divergence and the smack down can occur. The pink bull flag highlighted the other day played out in textbook fashion.

The lower rail of the upward-sloping brown channel is at about 1650-ish. The 1649-1650 remains a critical support level. The day begins at the 1675 resistance. If the SPX breaks higher and touches the 1677 handle, a move to test the all-time high at 1687 would be on the table. One or two handles may be needed to allow the RSI to negatively diverge so that is 2 to 4 hours, so the bulls may maintain sideways markets into lunch time but market negativity should appear with a negative divergence spank down on tap. 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.