SPX S&P 500 2-Hour Chart; S&P 500 Prints All-Time High at 3337.77; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation; Price Extended

The top is in for the SPX 2-hour chart. The SPX daily chart, however, shows a sliver more of strength for the MACD line wanting price to perform a jog move, one down day (tomorrow), then another up day for that to be the top in this hourly and daily basis (Friday). Today will be interesting since price should roll over now and it will be a question if it can create enough negativity today to pull the price candlestick and MACD down on the daily chart to then confirm the top on the daily basis also today. If this does not occur, then the stock market top may be delayed until tomorrow or Friday when the MACD rolls over.

The SPX has needed to pullback for over a month, and the technicals have lined up for that drop, but the happy trade talk and happy Fed dovishness sends equities higher. You would think the stock market would simply collapse under its own weight now. A flash crash or other wild market event is on the table due to the rampant euphoric bullishness and complacency. Traders are absolutely fearless buying stocks with reckless abandon. One trader is buying stocks using a dart board and blindfold. Another is asking his infant daughter for ticker symbols and playing whatever letters he can decipher from her cute dribble. Ahhh, yes, it is great times for the stock market and America's elite class in this new Gilded Age. Every bankster in Manhattan is walking around with their chests puffed out and pockets full of Fed cash. The privileged class laughs and jokes about how they screw the huddled masses daily.

Investors may have been hesitant with buying stocks due to President Trump's impeachment trial but it looks like the Senators will be able to ramrod the thing through for for an acquittal as everyone expected. The buoyancy in stocks continues and the SPX prints a new all-time record high at 3337.77. The crony capitalism system and the two corrupt political parties, the demopublicans and republocrats, are on full display each day but caution is warranted because you may become nauseated at watching and understanding what they have done to the country.

Trumpster's hands are dirty because he could have easily called for an investigation into Ukraine at anytime and in the public eye. He did not and instead chose to do it covertly because he obviously wanted to find dirt on Biden. The dirty democrats are in the same corrupt boat since Joe Biden and his son are up to their ears in Ukraine corruption. It would be comical to see the two corrupt silver-haired white guys fight over the presidency come November. Humorously, people would have to choose one crook or the other.

A potential wildcard in the impeachment drama is former National Security Adviser Bolton who will likely release a book this summer at the height of the campaign season. King Trump and the republicans blocked Bolton from testifying. Will it be a smoking gun to show that Trump was dirty all along and this news hits right before the election, or, show that Trump was being Trumpian, as everyone has grown to accept, he bloviates, tells whoppers every day, makes things up on the fly, but, that's Our Donny, and maybe just let him go with a slap on the wrist. There is lots of drama ahead no doubt about that.

Trump oversees the sluggish +2% growth in the US when he had promised from +4% to the ridiculous +6%. Showman Donny said the large numbers because his hero, President Ronnie Raygun, achieved high GDP's at +5%. We are lucky to see +2% in this sluggish economy despite the Fed pumping the economy. Trump is blaming the Federal Reserve and Chairman Powell for holding back the economy and King Donny proclaims that growth would be well over +4% if they had followed his wisdom. Of course he does. This stuff is hilarious as we witness the final throes of the crony capitalism system.

So, first thing is first. See if the neggie d spankdown occurs today as per the 2-hour above, and, if so, as expected, check that SPX daily chart at the end of the day to see if the MACD is neggie d, or not. That will tell you if the top did occur today or if it will probably be Friday instead. The only thing that can stop the top is happy talk from the Fed or King Donny. 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 11:01 AM EST: There's a little movement off the top from the record high at 3338 down to 3331. Let's see if the bears got legs this time. The SPX printed the highest number in stock market history at 3337.77 at 10:45 AM EST on Wednesday, 1/22/20. That is an interesting number it top-ticked at, 3's and 7's. Remember, the SPX bottomed at the infamous 666 in March 2009 when the Fed began its obscene Keynesian financial experiment. Here we are at the Promised Land 11 years later looking at 333777.

Note Added 11:17 AM EST: SPX 3327. VIX 12.79. Bulls are not concerned about a selloff since the VIX remains sub 13. European indexes fade into the closing bell. Oil tanks -2.5%. That coronavirus has claimed 17 lives, there is one case in the US now and one in Hong Kong. The travel industry is hit. Airline companies have nose dived over the last day. Demand for jet fuel will drop and this impacts the demand for crude hence the red numbers on earl (oil). Dollar/yen is at 109.86. The pair has been lingering below 110 all day so you knew that was a hint that stocks may become soggy (lower USD/JPY is a stronger yen which means risk off and stocks are dropping). Copper slips -1%. The trade deals are so great that Dr Copper is unable to push himself up off the gurney. Silver gains a smidgeon +0.2% probably on news that Guggenheim's Scott Minerd, in Davos, touted silver as his fave play this year. The Davos crowd agrees with each other that the central banks will remain accomodative and stocks will go up forever. US Treasury yields are; 2-year 1.53%, 1.57%, 10-year 1.77%, 30-year 2.22%. The 2-10 spread is 24 bips.

Note Added 11:26 AM EST: The SPX is up 6.66 points, +0.2%, at 3328 now 10 points off the record intraday high. VIX 12.70. The bulls are laughing and pointing fingers at the hapless bears that cannot even get the VIX above 13. The bears got buptkis (nothing) until they see higher volatility. The bulls are at an advantage since the central bankers maintain their jackboots on the throat of volatility to keep the stock market elevated. Perhaps the Fed has placed enough downside bets that they will let it go beginning today?

Note Added 11:41 AM EST: SPX 3330. VIX 12.62. Bears got nothing without higher volatility.

Note Added 1:54 PM EST: SPX 3330. VIX 12.58. The bears are unable to move volatility higher, so far; it is difficult to move the Fed's jackboots out of the way. The MACD line on the SPX daily chart is flattening but remains sloping a hair higher. If the bears can crush the SPX price here, the top is in for the stock market near-term. If stocks stagger out sideways today, the top will be tomorrow or Friday (as soon as the MACD line goes neggie d if it does not go neggie d today). The Keybot the Quant algorithm is long but champing at the bit to go short right now but it (the bears) likely either needs to see the SPX drop below 3317, or, for the VIX to move above 13.58, to flip short. Copper is key right now, and whatever direction the red metal goes in right now, the stock market will follow. Copper futures have been hanging out at the -0.9% down level today so if you are bearish you want to see -1.0%, -1.2%, -1.5% and so forth. If a bull, you want to see copper recover to the flat line. This will be important for the rest of the week so remember, as copper goes, so goes the stock market. Copper -0.9%.

Note Added 2:05 PM EST: SPX 3330. VIX 12.60.

Note Added 2:13 PM EST: SPX 3331. VIX 12.56. Price has no reason to come back up again (in the 2-hour time frame) as per the SPX 2-hour chart above. The neggie d spankdown has begun.  The stochastics are weak and bleak, ditto the MACD so there should be a lower low on tap for the SPX price in a couple hours in this 2-hour time frame. The LOD is 3325 so we may see some excitement as the day plays out. The 3325 is not too far from the 3317 Keybot is identifying and tracking. The sixth 65-minute trading segment begins at 2:55 PM EST so we shall see if the robots come loaded with sell programs on or about that pivot time, or not. Copper -0.9%.

Note Added 2:38 PM EST: SPX 3329. VIX 12.57. Copper -0.666%. The bulls are trying to jam copper higher to support the stock market. The market makers are likely enticing dip-buyers to jump back in setting them up to have their heads ripped off.

Note Added 6:41 PM EST: The SPX finishes up 1 point at 3322. There was some head rippage occurring during the last hour of trading. Dip sucker's run into a buzzsaw late day. VIX is at 12.91 so the bulls are not worried, yet.