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

Stocks float higher this week in keeping with the bullish seasonality factors previously mentioned. The news bites are moving markets to and fro. Stocks are susceptible to comments from King Donny, Dictator Xi, Prince Powell, Count Draghi, King Kuroda and a few other politico's and central bankers that control the world's markets.

The SPX all-time record high is 3028 on 7/26/19 and the all-time record closing high is 3026 on 7/26/19. The S&P 500 printed 3021 on 9/12/19 and 3022 on 9/19/19, both dates are palindromes, so this 3021-3022 resistance level is key. The SPX is at 2998 after topping out at 3008 today.

The SPX trends higher narrowing itself into the rising red wedge, a very bearish pattern. The stochastics are overbot agreeable to a move lower in price but the RSI did not reach overbot levels; this may still be on tap. The red Iines show universal negative divergence so price is out of gas to the upside although the money flow has a sliver of green in the near term. This hints that price may poke around here or a bit higher for 2 to 4 hours but a top would be expected now.

Remember, the low CPCE put/call ratio remains in play which is looking for a potential top this week or at any hour any time forward. The CPC slips to 0.92 yesterday and today's EOD print is not yet available. The SPX price violated the upper band so the middle band at 2986 and rising remains on the table and also the lower band at 2962, and rising, which is in the neighborhood of the critical bull-bear short-term indicator the 200 EMA on the SPX 60-minute chart at 2961. Maybe it is destiny for this 2961-ish support level to occur and be tested where an important bounce or die judgement would be made. The pink bands are coming in tight so a big move may occur and if the rising wedge kicks in, it would be down.

The chart suggests negativity ahead with a near-term top printing today, or tomorrow. Price is starting to slip out of that rising wedge so keep an eye on that. Of course happy talk from Showman Donny, the communists, the Brexiteers and/or the central banks can change the market picture quickly. 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.