SPX S&P 500 Daily Chart; Overbot; Rising Wedge; Negative Divergence Developing; Moving Average Ribbon Shows Price Extended

The stock market upside drama continues as we wait for the daily chart to go neggie d to identify the top. The money flow sneaks out a tiny higher high but that should roll over today. The RSI, histogram and stochastics are negatively diverged wanting a pull back which may occur today. Ditto the overbot RSI and stoch's. The rising wedge is also bearish. That pesky MACD line continues higher, however, and wants the SPX to come back up for another price high after any pull back occurs.

On Friday, 1/19/18, the SPX prints the all-time intraday high at 2810.33 and all-time closing high at 2810.30.

The CPC and CPCE low put/call ratios continue to want a big selloff but the bulls keep using momentum to stretch out more highs. The moving average ribbon show how far price is extended which desperately needs a mean reversion lower. The SPX needs to back kiss the 20-day MA at 2731 and rising, at a minimum, going forward. The bullish strength is truly remarkable and epic.

Market bears need the MACD line to print negative divergence before THE top in the daily time frame is in. The negativity in the chart may slap stocks lower the next day or two. The US government shutdown drama continues and news bites will move markets. Global markets may idle sideways this week until ECB's King Draghi brings the tablets down from on high on Thursday morning and tells global investors how to trade. 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.