SPX 2-Hour Chart Overbot Rising Wedge Negative Divergence

The blue channel made for happy bears with the blue dots showing lower lows and lower highs but the bulls turned things around this week with the green dots now printing higher highs and higher lows. The rise over the last couple days is not forming an upward channel but instead a rising wedge. The last candlestick yesterday was a doji signaling a potential trend change. The indicators are negatively diverged but although the stochastics are overbot the RSI has not made it to overbot territory. The MACD line also shows that a touch more upside may be in play before the indicators can firmly commit with negative divergence. The 2-hour, 1-hour and 30-minute charts have been setting up with the negative divergence the last few hours but price may want to print further up in the apex of that rising wedge. Anything can happen today with the Fed but the chart above favors topping behavior in the 1650's here and a move back down. The 120 MA is respected by price, now at 1642, and considering the 20-day MA is 1640-ish, this 1640-1642 support area would be a magnet for price to test should a roll over occur today. 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.