SPX S&P 500 2-Hour Chart Positive Divergence

The 2-hour chart shows price coming down for another matching low with the indicators positively diverging. The MACD line is flat and at uber low levels where there is really not much further it could drop if it wanted. The chart is constructive for upside ahead, however the next candlestick or two need to print (2 or 3 hours) for a firm verification.

There is a juicy gap at 1965-1972. The 1964 level is very strong resistance. The 1971 was last week's low. The 1951 and 1942 levels are strong resistance. The 1928 level is strong resistance and price is at 1927 right now trying to pierce up through. The 1924, 1920, 1912, 1910 and 1897 levels serve as support. The expectation is for stocks to float higher. Equities are receiving a rally from the uber high readings in the CPC and CPCE put/call ratios and the elevated VIX. 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.