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

The bullish sentiment is off the charts these days. Investors believe in the central banks and they plan to print money forever so everyone is celebrating a party that will never end. Chairman Powell shows up at the party and fills the punchbowl to the brim. The bulls carry Jerome around on their shoulders singing, "For he's a jolly good fellow."

The SPX 2-hour chart was topped-out with the maroon lines and universal neggie d. Price is spanked down but recovers yesterday to print another new high. National Economic Adviser Larry Kudlow keeps touting happy trade talk discussions. Oil and copper rally creating ongoing broad stock market buoyancy.

There was no reason for price to come back up again but happy news allows the SPX to sneak out another high. The red lines show the universal negative divergence remaining in place for all the indicators. The RSI and stoch's are overbot. The blue rising wedge pattern is ominous. The top is in for this 2-hour time frame.

The upper band is at 2899, may has well call it 29 hundo, and price made a high at 2896 yesterday a whisker away. The 2900 must be respected, however, price has already violated the upper band last week and needs to retrace to the middle band at 2880, and rising, and the lower band at 2860 is also in play.

The orange upward-sloping channel is keeping price in check with the upper rail. On the down move, the lower rail at 2820-2840 is in play. The SPX 2-hour and daily charts are topping out right now so there should be several days of weakness ahead. The low CPC and CPCE put/call ratios (CPC drops to 0.76 verifying rampant market complacency and fearlessness) need to bite off a big chunk of bull flesh at anytime going forward. S&P futures are down -2 three hours before the opening bell for the Tuesday, 4/9/19, regular trading session. Oil and copper trade 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.