The bulls pump stocks higher to finish last week. The SPX prints an all-time closing high at 2939.88 on Friday, 4/26/19, now only a point away from the all-time record high from last September at 2941. Since price has a higher high, and the daily chart is set to roll over lower, a look at the 2-hour chart is in order.
The SPX has some momentum although the indicators are in negative divergence. The upper standard deviation band at 2945 must be respected which would be a new all-time record high. If copper futures are up overnight Sunday into Monday morning, the new record will likely be guaranteed. If copper futures are weak, the record may have to wait.
The neggie d jives with the daily chart so a spankdown should be initiated. The rising wedge wants to see a hard smackdown. The RSI and stochastics come off overbot levels agreeable to some price softness ahead. Since the S&P 500 has some momo and excitement, if this follows through, the 2945-2946 print is likely, but the expectation would be for the neggie d to remain in place so the top should still occur. If a candlestick or two of more upside occurs, that is 2 to 4 hours, so a stock market top would be expected Monday in the morning anytime or early afternoon. If the negativity on the daily chart then kicks in, the SPX may fall quite a ways.
Watch the 2-hour chart and as long as none of the indicators move above those thin red lines in the right margin, the top should be in. Copper behavior is key. 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.
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