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

The bulls are resilient. The upside momo is strong. Here is the SPX 2-hour chart to see where the nearer term top is at. That top on Wednesday was short-lived. The bulls were tripping over each other to buy the slight dip. The move higher in price this year is parabolic and history-making.

The chart started printing the current 2-hour candlestick at 2PM EST so this candle will last into the closing bell and end of the week. A new candle will begin on Tuesday. US markets are closed on Monday for Martin Luther King, Jr, Day.

The last three candlesticks show higher highs in price. The red lines show the indicators in negative divergence wanting to provide a spankdown. The bulls will try to maintain buoyancy into the holiday weekend. There is a sliver of juice with the MACD line and ROC but the bears will likely provide pressure now.

Price has violated the upper band and needs to check back to the middle band at 2757 and rising. The red rising wedge is bearish. RSI and stochastics are overbot agreeable to a pull back. Price is extended above the moving average lines requiring a mean reversion lower.

The MACD is worth watching since it is near the same level as the previous high. The bulls need to push the MACD higher to send stocks higher while the bears have to hold the line on the MACD maintaining the neggie d and moving it lower. The expectation is for a pull back if not into the closing bell then on 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.