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

Here is another look at the SPX 2-hour chart. President Trump's announcement that a tax plan will be unveiled in two or three weeks sends stocks higher. More importantly, the republican lawmakers are busy dismantling banking regulations and yesterday word got out that they want to scrap the bank stress tests. The banksters rally with joy sending the stock market to all-time highs.

The happy announcements from the president, the bankers and the central bankers provide upside thrusts for price. The bulls push the RSI above prior highs so price will want to come up again after a pull back in the 2-hour time frame. The SPX is running higher on momo as shown by price printing above the upper standard deviation band for six consecutive days! A similar move may occur corresponding to the fractal in the blue box. Back then, in late January, price rolled over for 8 candlesticks, about 2 days or so, then collapsed.

The middle band at 2299, and rising, is on the table. Since the RSI is long and strong, price will need a jog move (down up down) to create neggie d for the RSI, if it chooses to go neggie d over the next 3 or so candlesticks (1 day). Let's see, if its about 1 PM EST Friday, the chart will only print 2 more candlesticks today which may be a down-up finishing the week on a high note. The full moon peaks at 7:33 PM EST this month, 6-1/2 hours from now, and stocks are typically buoyant through the full moon.

You have to give the bulls the benefit of the doubt due to the RSI so it may take 2 to 5 hours for price to peak out, that would be this afternoon or into Monday, which  may be more likely since the week is ending with joyous euphoria.

Perhaps Fed Vice Chairman Fischer's speech tomorrow will effect markets come Monday, or, perhaps next week begins okay but becomes soggy when Fed Chair Yellen speaks on Tuesday and Wednesday.

The chart should roll over say at the very end of today, or on Monday, and the downside target is 2299 for starters.

Another gauge to watch for the overall market would be the utilities. The 50-week MA for UTIL is at 666. Bears desperately need to be under this level. Bulls need to be above this level to take stocks higher. Wow! There is programmed trading jamming utilities higher. UTIL is above 669! Bulls are singing, "Happy Days Are Here Again!" Considering the strong utes, the market top, in this 2-hour time frame, is more likely on Monday. 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.