SPX S&P 500 2-Hour Chart; Rising Wedge; Overbot; Negative Divergence; Upper Band Violation

The SPX daily chart is set up with overbot stochastics and negative divergence for the chart indicators so a move lower is expected. Perhaps the 2-hour chart above may shed some light on the timing of this potential near-term top. The red lines show the universal neggie d in play across all chart indicators although the MACD line is squeezing out a bit more juice. This may create a jog move in price down, then up, then down.

The upper band was violated so the middle band at 2592 is on the table and lower band at 2574. The upper band is at 2609 so this level must be respected as the new week begins trading on Monday morning. The pink circle shows the two top candlesticks with a mini tweezer top pattern. Typically, the upper shadows from the candlestick body should be longer to create a more obvious tweezer but the mini-tweezer is worth watching nonetheless and may be calling out the near-term top now.

The SPX daily chart and the 2-hour above indicate price is ready to roll over. The 2-hour above may jog sideways for a couple candlesticks to allow the MACD line and money flow to set up with negative divergence. That will identify the near-term top. If price drops, then comes back up once more that would be 3 or 4 hours of trading time so the near-term top may occur around lunchtime or in the afternoon on Monday as long as the Fed, other central bankers and the orange-headed President Trump remain quiet and do not pump the market higher with dovish talk. 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.