SPX 2-Hour Chart

The bulls move relentlessly higher. The SPX punching up through the uber strong 1874 is a stick in the bear's eye and note how price immediately catapulted above 1880. The red lines show a rising wedge now in play as well as overbot stochastics and negative divergence sans the MACD line. The short green line for the MACD line and lack of a negative cross wants price to print another high. Therefore, if it takes one to four candlesticks to roll over that is 2 to 8 hours so by the close tomorrow it is a fair assumption that equities will peak and roll over. The print at today's closing bell may serve as the near-term top.

It does not appear that price wants to go up to the all-time high at 1897.28 again but in these markets anything is game. The all-time closing high is 1890.90. HOD today is 1884.89 only six points away. SPX overhead resistance is 1874, now support, 1878, now support, 1882, 1884, 1891 and 1897. So above 1884 will open the door to 1891. The CPCE put/call ratio chart previously posted forecasts a top in markets now or the days ahead so choose your poison; the 1884-ish and 1891 levels are candidates to provide the market ceiling.

The RSI is not oversold so the bulls may create a Caligula-style orgy to test the all-time high at 1897 (pushing RSI higher) especially if a parade of blow-out earnings occur. YUM earnings after the bell are a global bellwether. Projection is for the SPX to peak before the bell today or tomorrow and roll 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.