SPX S&P 500 2-Hour Chart; All-Time Record High at 2949.52; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation

On Monday afternoon, the S&P 500 prints a new all-time record high at 2948.19 (12:53 PM EST) overtaking the prior record at 2941 from last September. (This high is taken out before the closing bell see below.) The bulls are kneeling and worshiping at the feet of Yi, Powell, Draghi and Kuroda, calling them modern-day money God's! The power of the central banks, especially the PBOC, Fed, ECB and BOJ, respectively, is truly astounding. The central bankers are the market.

Here is a look at the SPX 2-hour chart that was expected to set up with a top today. Price tags the upper standard deviation band so the middle band at 2921 and lower band at 2912 are on the table. The chart indicators are in negative divergence so this is a top printing now in the 2-hour time frame. There should be a new candlestick appearing at 2 PM EST and then the next one after that will be 9:30 AM EST tomorrow morning. So watch the price behavior after the 2 PM candle begins printing. She should roll over from here.

Copper sent stocks lower to begin the day but a repeat of last Friday occurs with the bulls jamming copper higher to save the day. Watch copper closely. As copper goes, so goes the market. Note that the stock market (SPX) and volatility (VIX) are both higher so one of them is wrong. Let's see if the bears can flex their muscles going forward. Bulls need to hear happy cheerleading news from President Trump or the Fed which would extend the upside. 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.

Note Added 1:41 PM EST: The SPX is up 6 points, +0.2%, to 2946. Copper futures are up a marginal +0.1%. The VIX is moving higher to 12.96.

Note Added Tuesday Morning, 4/30/19: The SPX finishes the Monday trade up 3 points, +0.1%, to a new all-time high at 2949.52 and new all-time closing high at 2943.03. Copper futures were dropping but the bulls jammed the red metal higher to prevent any stock market weakness. The same thing occurs this morning. Copper was down -0.6% a few hours ago but is jammed higher now up +0.3%. As copper goes, so goes the market. S&P futures are dead flat. Stocks are bullish 80% of the time heading into the Fed meetings so the bulls have a slight wind at their back for today and tomorrow. The new moon peaks on Saturday so the bears will have the wind at their backs Friday into Monday.