SPX S&P 500 60-Minute Chart; Ascending Triangle; Overbot; Rising Wedge; Negative Divergence; Gap; Potential Island Reversal

The SPX 60-minute chart shows universal negative divergence with the indicators as price climbs higher into the rising wedge pattern. RSI and stoch's are overbot. So a move lower would be expected in this one-hour time frame, however, the previous 2-hour chart shows that long and strong MACD line so price will likely come back up after any drop. Once the MACD line goes neggie d on the 2-hour chart the top will be in.

The ascending triangle, a bullish pattern, receives the breakout at 2300. The vertical side is 40 handles so the upside target is 2340 (2300+40). Price is essentially there now satisfying the ascending triangle pattern. The chart shows price on an island above 2322; we can call it Gilligan's Island considering the market antics. If price comes down and then drops through  the gap from 2322 to 2318 and lower, that would be an island reversal pattern. The other option is that price simply retreats lower and fills that large gap at 2318-2322.

The 200 EMA on the 60-minute is 2285 and rising. This is a critical short-term market signal. Market bears got nothing until they push below the 200 EMA. Once that happens, stocks will begin falling in earnest. Market bulls are on easy street as long as price remains above the 200 EMA on the SPX 60-minute chart. 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.