SPX S&P 500 Daily Chart; SPX Prints New All-Time Record High at 3124.17 and New All-Time Closing High at 3122.03; Overbot; Rising Wedge; Negative Divergence; Price Extended

The search for the Godot Top over the last few days continues. The excessive market euphoria, joy, complacency and fearlessness, as evidenced by the low put/call ratios and volatility, want the stock market to receive a spankdown. The daily chart is now lined up for a top again; that did not take long. The mountaintop is a Rocky Top. Today, Monday, 11/18/19, the S&P 500 prints a new all-time record high at 3124.17 and a new all-time record closing high at 3122.03. Copper retreats -0.7%.

Price prints a higher high and the RSI is now flat, which is negative divergence (the chart indicator is diverging flat or downwards as price prints a new high indicating that price is out of gas). That sneaky MACD line is a hair higher over the last few days but remains in neggie d over the last 4 months. Thus, all chart indicators are back in full negative divergence so the top is in. The only thing that can save the day is more happy talk concerning the US-China trade deal and/or more dovish measures from any one of the 21 central banks currently implementing easy money policies around the world.

Note that none of the buying volume candlesticks over the last 2 months are stronger than the selling candlesticks on November 1st and 5th, thus, price likely wants to come down to explore that 3020-3080 area. At that time, bulls will need to come on strong with the volume to prove that the stock market still has longer term up legs. If the selling volume is strong on the way down, stocks are likely in for some long-term misery. Keep watching utilities. If they are dropping with the broad stock market then equities are in serious trouble for many months forward. If stocks drop but utes are flat or float higher, the dip-buyers will come into the stock market and equities will recover over the following weeks.

But, back to the present. Perhaps a Black Tuesday on tap? Will bulls keep the party going until Songbird Sondland testifies at the Impeachment Hearings on Wednesday? Markets may move tomorrow, Tuesday, ahead of the Sondland testimony since insiders will likely know information that is coming before the general public is informed or finds out on hump day. Such is the corrupt crony capitalism system. Adam Schiff, the democrat running the impeachment inquiry, will be beatin' on Gordon with a rubber hose while shining a bright lightbulb in his face forcing him to spill the beans on the Teflon Don.

It will be interesting to see if the stock market rolls over slowly or takes a drastically fast flush lower as per the ominous rising wedge pattern. It perhaps depends on hump day as Sondland, and probably the president, both tweet, only Sondland may tweet like a canary at the hearings and Donny may tweet like a Twitter twit from the Whitehouse. We live in interesting and historic times.

Keystone had a new harness installed on his computer chair, it crosses in front of the body at the chest area, and the new crash helmet arrived today from Amazon. The equipment arrives just in time for the festivities this week. Keystone is strapped-in and ready for the wild ride ahead. As Bette Davis said, "Fasten your seatbelts. It's going to be a bumpy night." 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.