SPX S&P 500 5-Minute Chart; S&P 500 Prints New All-Time Record High at 3044.08 and New All-Time Closing High at 3039.42 on 10/28/19; Low Put/Call Ratios Signal Complacency and Stock Market Top At Hand

The S&P 500 prints a new all-time high at 3044.08 at 10:30 AM EST and a new all-time closing high at 3039.42 on 10/28/19. Happy days are truly here again. Traders expect another Fed rate cut on Wednesday afternoon and the stock market party is already underway. Praise and Glory to the Federal Reserve and other global central bankers!

Price gapped- up from 3022 to 3032 an immediate 10-point pop out of the gate and then up to 3039 in the first few minutes at record highs. The SPX blew away the old record from late July in the 3020's. The S&P 500 jumped to the record high but then oscillated sideways for the entire day through 3038-3042. Obviously, bulls win big above 3042 while bears win big below 3038. Price begins the Tuesday trade at 3039.

The CPC put/call ratio is at a low 0.79 number, sub 0.80, and the CPCE put/call collapses to 0.51. This is a near-term stock market top. The wild card is the Fed on hump day. Thus, traders may be willing to wait another day and one-half for Pope Powell to bring the tablets down from on high and tell traders how to trade. With fearlessness and complacency gone wild, the top can occur any day forward. Two floor traders were drunk as skunks this morning, before lunchtime, buying stocks with reckless abandon as they consumed tall glasses of Fed wine.

It is a good time to watch the SPX 2-hour chart to see when this near-term top will occur. Interestingly, this chart shows all chart indicators (RSI, MACD, histo, stochastics, money flow) in negative divergence. The RSI and stochastics are overbot agreeable to a pullback in this 2-hour time frame. The SPX has also violated its upper standard deviation band so the middle band at 3015, and rising, is on the table. All the chart indicators are calling for a spankdown which jives with the low put/call numbers.

The SPX 2-hour chart is ready to head lower now so the top may be in despite the expectation that equities should be buoyant in front of the Fed decision. Stocks typically move higher 80% of the time in front of a FOMC meeting but this may be one of the 20% times. The Consumer Confidence data at 10 AM EST tomorrow is very important and will move the stock market. The low put/calls signaling trader complacency and the SPX 2-hour chart both indicate that the top is in for stocks which  may occur at anytime forward. 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 Tuesday Morning, 10/29/19, at 4:38 AM EST: To clarify, the SPX 2-hour chart wants downside now, however, the daily chart indicators receive more juice after the big Monday rally. This hints that the SPX daily chart may need a couple-three days or so to top out. Thus, the stock market will likely be soggy for the hours ahead, say today, but then likely rally again into the Fed decision and Powell presser on Wednesday afternoon, perhaps Thursday, and then the stock market tops out late this week or Monday. Of course, with the complacency at fever's pitch, the roll over could happen at anytime any minute ahead. The Fed rate decision and Chairman Powell press conference is a key market pivot point. Considering the uber complacency, the SPX is expected to top out this week and then drop from 40 to 150 points. The question is if Powell can goose equities a little bit more before they roll over, or, if they roll over right away and especially if he becomes more hawkish. GOOGL lays an egg on yearnings last evening. The AAPL yearnings are another key market pivot point this week. Is Tim Cook cookin' the books?