SPX S&P 500 Daily Chart; Overbot; Negative Divergence Developing; Upper Band Violation

Perhaps the reason the 2-hour chart is having trouble rolling over to the downside is that it is waiting to sync up with the daily chart. The SPX runs up the top standard deviation band so the middle band, also the 20-day MA at 2319, is firmly on the table. Price has made a matching or higher high. The all-time high is 2368.26 on 2/23/17 and the all-time closing high is 2367.34 on Friday, 2/24/17.

The indicators show negative divergence across all indicators over the last three months. Price should be cooked. RSI and stoch's are overbot. The MACD line and money flow, over the last couple days, has a smidgen of juice remaining which may create a jog move, down one day, up one day, and that is the top and rollover to the downside. So price should roll over now to the downside or a slight jog move and then roll over say from Wednesday forward.

The expectation is for the SPX to drop to 2319-2322 in the days ahead as long as President Trump does not  pump stocks further with more tax cut talk and lower regulations. The president provides a big speech on Tuesday night in front of Congress which will move markets on Wednesday. S&P futures are up +2 to begin the week on Sunday evening. 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.