SPX 2-Hour Chart Overbot Rising Wedge Negative Divergence Setting Up

The 2-hour is almost topped out due to the overbot conditions, rising wedge and negative divergence (red lines). However, note the long and strong MACD line that wants another high after a pull back. This chart is 2-hour candlesticks so a jog move down, then back up, then down, would be about a 2 to 6 hour event. Price is extended and should not have much gusto remaining. Projection is for weakness to arrive in equities this afternoon or tomorrow morning with price rolling over to the downside. 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 4:12 PM:  The SPX runs higher today ot new all-time highs so far following the path in the right margin. The neggie d remains in place just as the chart shows above with the MACD line taking its good ole time to top out. The MACD line is sloping higher so that means another jog move, so 2 or 3 more candlesticks, or 2 to 6 hours trading time to roll over. The trading session is shortened tomorrow for Christmas Eve with an early close at 1 PM EST. Thus, only 3-1/2 hours of trading so that would be only 2, perhaps the start of 3, candlesticks for the 2-hour chart--the time needed to roll the SPX over to the downside as per the set-up. Thus, the bulls may keep the happy times going into Santy day, but that should be it with equities. The bears should start to make a run either moving into tomorrow's bell or the back half of the week.