SPX S&P 500 2-Hour Chart; SPX Prints New All-Time Record High at 3102.61; Overbot; Negative Divergence; Upper Band Violation; Price Extended; Stock Market Top At Hand

It has been an interesting and fun exercise in recent days looking for the stock market top since the CPC and CPCE put/call ratios are at uber lows signaling rampant complacency and a top at hand. The hourly and daily charts provide guidance as to where this top may be at as the S&P 500 prints a new all-time record high at 3102.61. Time will tell if a new all-time closing high will print, or not. Of course news bites are sending stocks to and fro mostly to the upside and charts need a little bit of time to price in any sudden news tidbit that hits the tape in real-time.

The SPX 2-hour chart above shows the stock market topping-out right now. Price has come up for a matching or higher high and a look at the chart indicators shows universal negative divergence (red lines). Price is out of upside gas. Even the fumes are gone now. The upper standard deviation band was violated so the middle band at 3086 and lower band at 3069 are on the table.

Price is extended above the moving averages requiring a mean reversion lower. The stochastics are overbot agreeable to a pullback. The bears have it on a silver platter. The uber low put/calls signal a market top at hand and this jives with the 2-hour above. Also of interest, the SPX daily chart is setting up with neggie d in that VST (very short-term) time frame for the RSI and MACD so it looks like the stars are all aligned now to see what the bears got.

During OpEx week, a Tuesday low typically leads to a Wednesday high. Stocks were bullish through the peak in the full moon early this morning as expected. The professional traders were buying the dip in the morning since it was OpEx week; that is why stocks were strong. Traders are expecting buoyancy into tomorrow. However, as shown above, the stock market top is in. Let's see how loud the bears can growl.

Pope Powell brings the tablets down from on high tomorrow morning at 11 AM EST to speak before Congress. This is partially the reason why stocks remain buoyant today. Many traders are willing to wait until tomorrow to see what the Federal Reserve chairman says. Powell speaks before the House Budget Committee at 10 AM EST the following day, Thursday, but the essence of what he plans to espouse will be known tomorrow at the 11 AM EST speech. The central bankers are the market so his words will move stocks, bonds and currencies. 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 2:13 PM: The SPX is up 5 points, +0.2%, to 3092. The luster is coming off the rose. The HOD today which is the highest number ever printed in history is 3102.61. If you bring up the SPX daily chart, you can see today's candlestick starting to print an inverted hammer pattern which typically signals a trend change. The sixth and final 65-minute trading segment of the day begins at 2:55 PM and runs into the closing bell at 4:00 PM EST. Thus, watch to see if their is a potential whoosh in stocks in that 2:50 PM to 3:00 PM timing.

Note Added 2:30 PM: SPX 3091. VIX 12.87. Both volatility and stocks are positive so one of them is wrong. We are in the fifth trading segment so it will be interesting to see if any wild action occurs between 2:45 PM EST and 3:00 PM EST as the sixth daily trading segment begins. Time for a cup of coffee and to see if there is any excitement on tap.

Note Added 3:15 PM EST: At 2:55 PM EST, exactly at the shift from the fifth segment to the final sixth trading segment of the day, the SPX prints the LOD at 3084.73 but the robots did not bite. Stocks recover. Obviously, bears will only growl if they can take out the 3085 to the downside. SPX is at 3088. Investors and traders may want to wait until Oracle Powell tells global market participants how to trade tomorrow morning. VIX 12.91. Copper futures are down -0.8%.

Note Added 3:23 PM EST: SPX 3089. VIX 12.86. The bulls are trying to jam volatility lower to guarantee the happy finish for stocks today. All that matters is that LOD at 3085. The bears will need to breach this low before the closing bell to prove they have the beans to take the stock market lower. The stage is set. The bears have 37 minutes to prove their manhood. Is the neggie d on the 2-hour chart providing enough downside juice and power to push the SPX below 3085? It should. Time will tell. Note how price came down to tap on that middle band mentioned above at 3086. Now we see if the lower band is on tap which is currently at 3069.

Note Added 3:30 PM EST: The one-minute trading volumes are all buys. The bulls are buying and jamming price higher since 3:20 PM EST believing that Chairman Powell will be flapping dovish wings tomorrow. The central bankers are the market. SPX 3090. VIX 12.78. Volatility drops so stocks pop.

Note Added 3:35 PM EST: The bears are surprised they cannot jam the stock market lower. They have all the tools in place; neggie d on the hourly and daily charts, overbot conditions, upper band violations, price extensions, rising wedges, uber low put/calls, it is all in place. The bears cannot understand why stocks will not go down but they look across the trading floor. There's Chairman Powell, standing in the shadows, behind the drapes, petting a white dove he cradles in his arms much like Dr Evil petting his white cat Mr Bigglesworth. The bears know it is always an uphill struggle against the powerful central banks.

Note Added 3:46 PM EST: SPX 3090. VIX 12.74. The bulls are smiling from ear to ear because rich Uncle Fed is coming to town tomorrow. The bulls bot big blocks of stock  from 3:20 PM EST through 3:32 PM EST to prop the stock market up into the closing bell. It is succeeding so far with only a few minutes remaining in the day. Chairman Powell will perform the role of Julius Caesar at the Colosseum tomorrow; Jerome will stand at the podium above the adoring crowd, outstretch his arm and provide a thumbs up, or thumbs down, to the stock market. So it shall be said, so it shall be written (right fist taps heart). Just think, there are many stupid people that actually think America is a free market capitalism system.

Note Added 3:53 PM EST: SPX 3091. VIX 12.70. Bulls cheer as the VIX trails lower and lower into the closing bell.

Note Added 4:01 PM EST: SPX 3091. VIX 12.70. The SPX does not print a new all-time closing high. The bears have it on a silver platter. The daily and hourly charts are neggie d which should coordinate with the uber low put/calls and send stocks lower. Stocks are ready to drop like rocks but Chairman Powell is set to speak tomorrow morning. Also, the Impeachment Hearings against President Trump begin; it will be high-drama for television. These are epic times. Keystone mentioned the last couple Monday's and Tuesday's were set up to be potentially history-printing 'black' days. That would go for tomorrow (Wednesday, 11/13/19) in spades since the short-term charts are lined up with neggie d now. The charts are ready to spank price strongly lower. The overnight futures markets will be very interesting. CPI (inflation) data drops tomorrow morning at 8:30 AM EST. Tomorrow may be a historic day in stock market history.