SPX S&P 500 2-Hour Chart; Overbot; Rising Wedge; Negative Divergence

The SPX 2-hour and daily charts are in negative divergence across all indicators. The uber low CPC and CPCE put/call ratios, and lower VIX, verify the ongoing complacency and fearlessness in the stock market. Moral hazard has arrived. Traders are getting blitzed on Fed wine each day buying stocks with reckless abandon and with total disregard for due diligence. Nobody is worried since the Fed and other central bankers will always save the day. Investors hope for selloffs so they can jump in and buy stocks since the Fed will keep spiking the punchbowl. Isn't it hilarious that some people actually think capitalism exists.

The MACD line is trying to eek out some more upside juice but the bears will likely push stocks lower as the markets idle along into the jobs report in the morning. S&P futures are down -12 about an hour ahead of the opening bell for the Thursday session. VIX 23.90. The negative divergence on charts and uber complacency is gelling together now. The stars are aligning and the bears are pulling out and distributing their cans of whoop-*ss in preparation for the days ahead.

The technical picture is lined up negatively. Happy talk, such as a stimulus deal, may create a day or two more of buoyancy but the ole gal is getting pretty weak in the knees right now. Of course, if a stimulus deal is not reached this week, or some other negative news event occurs, this will act as a downside catalyst and really get the ball rolling down hill fast.

Stay alert. Do not be complacent like the 99% of people around you. Look at John over there in the breakroom. He is whoofing down doughnuts while bragging about his AAPL stock. Emily, the pretty administrative assistant, is telling everyone that comes up to her desk that she took her entire life savings and bot AMZN stock. Everyone at the office is joyous and expecting to retire early on future equity profits. It is a party atmosphere every day, and rock and roll all night. Americans are convinced that the stock market will make everyone wealthy effortlessly. The markets should be extremely exciting to watch this month. 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 10:02 AM EST: The SPX 2-hour chart prints a couple more candlesticks. Stockcharts places a new candle at 9:30 AM, then 10 AM, then noon, then 2 PM then 4 PM. Price is flatlining at matching highs and the indicators remain neggie d. The MACD is fading a hair lower now so she's cooked. If happy talk does not occur, stocks should sell off on the hourly basis going forward.

Note Added 10:33 AM EST: Senate republican Majority Leader McConnell talks happy talk over the stimulus bill saying an agreement is in the near future. The SPX is up 4 points to 3332. The 2-hour chart remains neggie d.