SPX S&P 500 2-Hour Chart; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation

Here is the SPX 2-hour chart which has been interesting to watch over the last week. We have been waiting for the neggie d to print across all indicators to identify the top. As last Friday's bell rang creating the higher high in price, the indicators finally negatively diverge across the board. Those pesky bulls, however, keep charging higher. Note, however, with the elevated prices, the indicators remain neggie d (red lines). Stocks want to take a rest but President Trump keeps pumping them higher by injecting tax reform joy into bullish veins.

The bulls keep trying to create slivers of joy as evidenced by the RSI that tries to sneak higher during today's trade. The chart is cooked. The only thing that can save it is happy talk from the president or from the Fed, ECB or other central bankers.

Price has violated the upper band again without yet showing respect to the middle band at 2344 and rising so this is on the agenda. The lower band at 2324 and rising is in play depending on how price reacts when it comes down to kiss and test the middle band at 2344 and rising.

The SPX support/resistance levels from a previous post are 2366, 2351, 2340-2344, 2321-2324, 2311, 2308 (20-day MA) and 2296-2300 very important support. 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.