SPX S&P 500 Daily Chart; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation; SPX CLOSES ABOVE 2600 FIRST TIME IN HISTORY

The SPX closes above the 2600 level for the first time in history at 2602.42. The highest number for SPX ever printed in history is 2604.21. Sound the Seven Trumpets! The red lines show a rising wedge pattern and negative divergence with the indicators, and overbot stoch's; all bearish indications. The S&P 500 tagged the upper standard deviation band so the middle band at 2585 is on the table and lower band at 2567. 

Price is extended above the moving averages requiring a mean reversion lower. The purple box for the ADX shows when the S&P 500 was in a strong trend higher but this petered out a week or so ago. The bears have it on a silver platter if they want it. The SPX should receive a move lower at least to the 2585-ish area for starters. Happy talk from the central bankers or from President Trump may delay the rollover.

The little circles show volume distribution days. After an up day in price, Joe Sixpack, Ma and Pa Kettle and Uncle Frank run into the market the next day to buy shares. The smart money distributes the shares to the bag holding suckers lining up with naive smiles on their faces. The trading volume on the following day is larger than the buying volume on the prior day when the price was moving higher. 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.