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

Every time the SPX moves higher on the 2-hour chart and develops neggie d, and begin its spankdown, President Donny Trump steps in to say the US-China trade negotiations are going swimmingly. Here we are again. The red lines show overbot RSI and stochastics and the universal negative divergence across all indicators which is a bearish force. The SPX no longer has any gas in the fuel tank to take price higher in the 2-hour time frame.

The money flow is trying to squeeze out a tiny sliver of upside joy so the stock market top may take a couple candesticks to top out which would be 2 to 4 hours. The daily chart is topping out with negative divergence anytime as well. So it looks like the stars are coming together for bears to growl for a few days ahead, after the top occurs this week. The Fed Minutes are on tap today and may create market drama. If that does not pop stocks, the president may run to a microphone and tout more success on the US-China trade talks. Barring any happy talk, stocks should begin rolling over to the downside in the VST (very short term).

The upper band is violated so the middle band at 2761 is on the table and also the lower band at 2733; both are rising. The stock market may idle sideways until 2 PM EST when the Fed brings the FOMC Minutes down from on high. Global traders will kneel and await instructions from the central bank on how to trade.

This is a critical juncture for the SPX. The 2780 level is key. Always remember Keystone's 80/20 rule where 8's typically lead to 2's and 2's typically lead to 8's. The S&P 500 tagged 2778 so 2782 was likely to occur which did occur. Price sits at 2780 right now. If the SPX strings a couple closes together above 2780, that will open the door for 2820 to occur in the days and weeks ahead. 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.