SPX S&P 500 2-Hour Chart; New All-Time Record High; Negative Divergence; Overbot; Upward-Sloping Channels

The SPX prints a new all-time high at 2309.63 as the Thursday session continues. The two main driving forces for stocks remain the central banks and President Trump. The rally from the November election continues since the president promises infrastructure spending, lower taxes, reduced regulations and a chicken in every pot. Today is no different and news events are always a surprise that charts have to then price-in.

A double-whammy of joy occurs from both the Fed and from orange-headed President Trump. Fed's Bullard hinted that a March rate hike is likely not on the table. Bullard exposed his dovish wings and flew around the room dropping money. His dovishness created bullishness in the futures and stocks. The comments were especially key since Fed's Harker said only yesterday that March was on the table for a rate hike. Fed Chair Yellen is the Queen of the Doves so she will keep rates subdued until the cows come home. Stocks love this dove.

Then comes our fearless president, with chest puffed out, who proclaims that his plan for reducing taxes will be out in 2 or 3 weeks. Stocks run higher with joy. President Trump also meets with airline executives. This is the latest group of corporations that make a pilgrimage to the Whitehouse to stand before King Trump and then genuflect in his presence while kissing his ring. Airline stocks catapult over +2% higher driving the broad stock market indexes higher. Trumpnomics is a new kind of capitalism.

The 2-hour chart shows neggie d. The price is running higher as traders enjoy Fed wine and Trump steak, however, the chart indicators are not enthusiastic and display no upside oomph. The news events always take charts by surprise since they can only price in what they know up to the minute; not the unknown news.

The dark blue upward-sloping channel remains in play so there is more room for price to go up and tag the upper rail at 2318-ish. The smaller light blue upward-sloping channel is in play with price at the top rail. This may conspire with the overbot conditions, and negative divergence shown by the red lines, to send prices lower for a few 2-hour candlesticks. Price may want to play around above 2300 for a day or few. The full moon peaks tomorrow at 7:33 PM EST and stocks are typically bullish moving through this period each month.

The news events are killing the bears. One day Trump, and his two Goldman Sach's cronies, Mnuchin and Cohn, are slashing financial regulations sending bank stocks wildly higher and the next day they are touting airlines causing those stocks to soar higher. King Trump wheels this power with his words.

The chart is not enthusiastic about anymore upside in this 2-hour time frame but stocks will only flatten and roll over if humorously, President Trump stays away from his Twitter account and if the central bankers quit flapping dovish wings. 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 2:45 PM EST: The SPX prints a new all-time record high at 2311.08. UTIL is at 665 only one point from the very important 666 level that bulls need to continue the upside stock market rally.