SPX 2-Hour Chart Overbot Rising Wedge Negative Divergence

Here is a look at the 2-hour chart. The red circles show how the higher high in the RSI occurred which meant that price would want to move up for a matching or higher high after a pull back. The other negative divergence shown by the red lines spanked price lower at the open but sure enough, the bulls pushed the SPX higher to satisfy the RSI. The 1553 is key since it is very strong resistance and if it gives way the 1560-1580 prints are likely coming with new all-time highs.  However, note the new print in the RSI only at the same level as the previous so the upside is running out of gas. The other indicators remain negatively diverged. The short green lines show some additional momo but overall price appears to be topping and the negative divergence should spank it down moving into the close. The Fed's money machine is strong so if the SPX starts moving above 1553, the RSI will likely print higher and the price move would extend into the apex of the rising wedge. Projection is down anytime. 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 3/11/13 at 1:08 PM:  It did not take the bulls long to push the RSI higher again so this may extend the move for one to four more hours. The bulls are relentless.