SPX S&P 500 2-Hour Chart Overbot Rising Wedge Negative Divergence

Here's an update of the 2-hour chart from this morning. Same analysis holds so scroll back to read that article. Price ended up playing around at the highs and then melted up into the closing bell. The money flow is now neggie d over the last two candlesticks but the RSI and stochastics nudge higher (short green lines); sometimes watching the indicators line up is like herding kittens. The projection would be that stocks sell off for one candlestick (2 hours) but then come back up again and then roll over so a market top should occur say by lunchtime Friday. This would gel with the CPC, CPCE and NYMO that are calling for a near-term market top.

Today, oil caught a bid and was very instrumental in keeping the stock market elevated. Friday morning is the Monthly Jobs Report so that may create a violent move up or down. If the jobs number creates a joyous celebration, or higher oil prices or other positive news perhaps from a central banker, the same analysis holds for a top but it may be delayed until Monday or Tuesday. 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.