SPX 2-Hour Chart Negative Divergence Developing

The bulls keep pushing price higher and the MACD line remains long and strong. The RSI is not yet overbot (it may or may not become overbot).  Those are two bullish items but the other indicators (red lines) are negatively diverged wanting to see price roll over. The matching top over the last four candlesticks is cheesy. Price barely prints a matching high. Considering the MACD line, price likely wants to test the strong 2067 resistance since it came up this far. When that occurs, the MACD line will like turn neggie d and that will create the short-term top.

The MACD line will need one to three candlesticks to turn neggie d so that is 2 to 6 hours of trading time so price may not peak out until Monday. If the RSI reverses to the upside and prints a higher high then the SPX will run to the 2075-2076 strong resistance. The thought now is that price should remain in this 2054-2067 range and top out between now and early next week.

The strong S/R shown by the brown lines is 2075-2076, 2067, 2061, 2046, 2040 and 2038. Watch the MACD line to see when it rolls over. 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 3:02 PM: Stocks are sliding late-day. SPX is down to 2055 and dropping. MACD line is flat.