The SPX 2-hour chart is lined up with oversold conditions, a falling wedge and universal positive divergence across all indicators. The lower band is violated so the middle band at 2796, and falling, is on the table. A bounce in this 2-hour time frame would be expected. Of course, the news sound bites can send stocks in either direction. There is 55 minutes remaining in the trading day and week. 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.
Note Added 3:28 PM EST: The SPX drops to 2752 testing the lows of the day. LOD is 2750.63 a critical number which occurred after the opening bell. The VIX is at 18.71 versus way up above 19.40 when the prior intraday lows were made. Will price bounce from the lows of the day, or die? Will stocks tank into the close or rally?
Note Added 4:02 PM EST: The SPX neither tanks or rallies it simply slides out the door sideways into the weekend. The SPX loses 37 points, -1.3%, to 2752. The SPX pukes -2.6% this week and collapses -6.6% for the month of May. The monthly charts receive new data points cast in concrete. The June candlesticks begin on Monday.
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