The SPX tops out in the 2-hour time frame. Another candlestick will print at 10 AM EST then at noon so keep an eye on it. Stocks should begin falling away due to the neggie d across all indicators. The drops from rising wedges can be quite dramatic. The only thing that can save it is happy news from the Fed (monetary stimulus) or Congress (fiscal stimulus).
The Federal Reserve 2-day meeting begins tomorrow with the decision and Chairman Powell press conference on tap Wednesday afternoon (so this may be the cavalry). Stocks are usually bullish 80% of the time going into a Fed meeting which conflicts with the neggie d spankdown expected from the chart above. Today and tomorrow may be soggy trading then a recovery late tomorrow into Wednesday and the Fed decision. Pope Powell, in his pale green robe, will come down from On High carrying the Sacred Stock Market Tablets, and tell global traders how to trade.
Remember, the SPX daily and weekly charts are in full negative divergence so once she begins crumbling, which is now according to the 2-hour, she may go down fast and hard. It will be fun. Once the stock market begins collapsing, Powell's presser may become meaningless and only serve as a slight stutter step for the stock market on the big way down. Powell will be flapping his dovish wings like crazy on Wednesday afternoon telling the bullish traders and long-term investors all is fine as they are trampling him heading for the exits. 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.
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