SPX Daily Chart Upward-Sloping Channel Rising Wedge Negative Divergence SPX Prints New All-Time Highs

The SPX daily chart finally has price coming up to print a higher high to satisfy the tiny green circles for the RSI, MACD and money flow. This has been highlighted ever since it occurred to end the year. That last bump in the RSI says there is still energy remaining to bring price back up, and it did. The SPX prints a new all-time intraday high today at 1850.84 and new all-time closing high at 1848.38, surpassing the prior all-time high on 12/31/13 at 1848.36. The bulls held on by 2 pennies today to receive the happy print. Now that price is back up to a matching and higher high, note the RSI, at 62, far below the 70+ in the tiny green circle, hence, negative divergence. Price came up to satisfy the RSI that printed to end the year but as of now, the RSI does not care if the SPX ever prints a higher high again.

The SPX weekly chart remains negatively diverged although the money flow has sneaked out some near-term juice. This may cause price to continue oscillating up and down through this current range for another coupe weeks before rolling over to the downside. Sometimes the charts are like herding kittens. Once an indicator finally lines up, by then some other indicator may have moved out of line. Suffice it to say both the SPX daily and weekly charts are negatively diverged and wanting to see a pull back from these levels. Price may print inside the red circle but the neggie d should remain in place and create the move lower.

The bulls bot the support at the 20-day MA so this will be a critical support level again when price drifts lower. The volume was strong today. A surprise but it may simply be some of the money that wanted to come into the market to begin the new year but was held in limbo due to the market weakness, but today came flying in to chase the markets higher. Projection is sideways to sideways lower prices moving forward for the days and weeks ahead. 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.