SPX Daily Chart New All-Time Intraday and Closing Highs Upward-Sloping Channel Potential M Top Negative Divergence

The SPX Energizer Bunny stock market continues higher fueled by the central banker rocket fuel. Traders are ignoring any negative data and earnings and solely focusing on the easy money policies. The SPX prints a new all-time intraday high at 1598.60 and new all-time closing high at 1597.59. Interestingly, the new closing high was only squeezed out by two pennies above the prior closing high at 1597.57.  The bears are frustrated since any downside move is met with the central banker buy-the-dip philosophy.  Despite the new stock market highs, the 10-year Treasury yield remains frozen at 1.63%-1.64% showing that there is no rotation from bonds to stocks but instead, Fed and BOJ easy money is pumping equities higher.

The buying volumes remain weak as new highs are printed. The stochastics are overbot. The indicators are negatively diverged wanting to see another roll over in price but the Fed and BOJ are strong forces that are dead-set on pumping markets higher. The morning market pump each day (Fed) from 10 AM-11 AM is clearly visible. So the chart says down but not only are the central bankers in play but also the Monthly Jobs Report only a couple hours away. Charts can only price in all news up to the minute so the jobs data can create a violent reaction either way today. A potential M Top formation is in play now and the next few days decides if the final down leg for the M forms, or not. The H&S pattern was negated with the higher highs yesterday, however, the current print may serve as a head for an H&S pattern moving forward. Price continues to fight to try and maintain the upward-sloping channel. Projection is sideways to sideways lower moving forward. 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.