SPX S&P 500 2-Hour Chart

As mentioned in the prior SPX 1-hour chart, the 2-hour chart indicators were weak and bleak wanting to see price weakness into Friday afternoon, which occurred. Here is a look at the 2-hour and the indicators remain weak and bleak so lower lows in SPX price would be anticipated after any weak bounce occurs, in this 2-hour candlestick time frame.

The RSI is oversold, ditto the stochastics, which sets up for a bounce ahead. Price came down to 2079 stopping at a large gap from 10 days ago at 2076-2080. The SPX is under the 150-day MA at 2084 a negative market signal. The critical 10-month MA, watched by the old-timer's, is at 2065. The 2065 is critical support so price may want to tap on this level and make a bounce or die decision. July began at 2063.11 and the year began at 2058.90 adding more drama to this general price area. The 200-day MA is 2063-2064.

Encompassing the 150-day MA, 200-day MA, 10-mth MA and horizontal price S/R, this 2063-2086 level is an important bounce or die battle zone. Bulls win big above 2086 and stocks will likely run to 2100 in quick order. Bears win big under 2063. Under 2056 and large serious losses will begin mounting for the stock market as equities slide down the rabbit hole and the potential end to the six-year rally begins.

The indicators are weak and bleak as highlighted above so it may take from one to four candlesticks to turn the indicators into positive divergence, especially the MACD line, so 1 to 4 candlesticks are 2 to 8 hours trading time; so a bottom may occur in stocks anytime Monday or Tuesday. One or two up-down jog moves, with a lower low in price, may occur until the MACD line turns possie d, then the bulls will be back at bat. 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.