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

The SPX is setting up with negative divergence (red lines) across all indicators except for a sliver of strength in the last hour or two with the MACD line. The S&P 500 may want to come up for another matching high say at 2940-ish and at that time the MACD line should go neggie d. The top for this 2-hour period is at hand. The bearish wedge and overbot RSI and stochastics are negatives.

Interestingly, the two-day Fed meeting is Tuesday and Wednesday and stocks typically rally 80% of the time into a Fed decision (Wed afternoon). Also, the full moon peaks Monday night and stocks are typically bullish moving through the full moon each month.

The upper band is violated so the middle band at 2913, and rising, is on the table also the lower band at 2883. So stocks should likely top out this afternoon and sell off into early next week but the Fed joy will be pushing back against the bears perhaps starting Monday afternoon. 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.