The bulls needed to punch up through 1989.50 to create an upside acceleration and the bulls keep pushing printing new all-time highs as this missive is typed now above 1991. The 2-hour chart above shows overbot conditions; the stochastics are cooked. The RSI is not overbot, however, so the sneaky bulls may plan some additional upside. The indicators are universally negatively diverged over the last few weeks but the very near term (the last couple days) RSI and MACD line want to squeeze out another price high after the initial spank down occurs. Price would be expected to drop down into the upward-sloping purple channel moving forward. The blue dots show the price extensions above the moving averages when the mean reversions typically occur.
The expectation continues for price to top out at any time today or at the latest early tomorrow. Since the RSI and MACD is trying to squeeze out more juice, one to three more candlesticks (two to six hours) may be required for price to top out so the bulls may be able to keep markets buoyant moving into the closing bell 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.