SPX S&P 500 Weekly Chart; Overbot; Rising Wedge; Negative Divergence Developing

As previously posted, the SPX 2-hour and daily charts are set up with universal negative divergence wanting to see a smack down in the S&P 500. Stocks are bullish 80% of the time going into a Fed meeting which maintains buoyancy in equities. Another wild card is the tight standard deviation bands on the SPX daily chart. A huge move is coming in the S&P 500 price but the tight bands do not predict direction.

For the weekly chart above, the stochastics are overbot and negatively diverged. The histogram and money flow are also in neggie d. These indications jive with the SPX 2-hour and daily charts that display negative divergence across all of their indicators; all this stuff is conspiring to spank the SPX south. The Chalkin money flow is a bit more optimistic in the short term on this weekly basis.

The MACD line remains long and strong wanting to see another higher high in price after any pullback occurs for a week or two. There is a gap at 2880-ish (orange circle and line) that the SPX may want to fill before rolling over on this weekly basis. Thus, a scenario may play out for a sharp retreat in stocks now, due to the negative divergence in the hourly and daily charts, and negativity with the stoch's, money flow and histogram above. This would be a flush lower of a few days or week or so. Then price jumps back up again due to the long and strong MACD line on the weekly chart above. This may bring price up to that 2880-ish say, in early to mid-April and that will be a significant top on a weekly basis. It will then lead to multiple weeks of downside. 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.