SPX S&P 500 Daily Chart; Overbot; Rising Wedge; Negative Divergence; Upper Band Violation; S&P 500 Prints New All-Time High at 3395 on 8/18/20

Humorously, it's the same sh*t, different day. The search for the Godot Top continues. This stock market top is reminiscent of the start of the year. It took a little while for that one to roll over as well. The SPX all-time high is 3393.52, call it 3394, and the all-time closing high is 3386.15, call it 3386, both printing on 2/19/20. That is when the Feb-Mar crash began.

The S&P 500 rallies the last few days and keeps poking through the record closing high but unable to print a new closing high and unable to poke higher intraday for a new all-time high. That battle continues today, Tuesday, 8/18, a palindrome day. Will stocks print a new all-time record high which may kick in the large-block buying programs by the robots? Or, will stocks receive a spankdown from here perhaps in sync with the dollar popping higher and dollar shorts running for their lives?

You know the spiel by now with the SPX daily chart, the overbot conditions, rising wedge, neggie d and upper band violation all say down. The rampant complacency signaled by the uber low CPC and CPCE put/call ratios indicate a significant top at hand. Valuations are high; tech stocks are at higher valuations than the dotcom bubble; that is wild.

The bulls parade across business television screens each day. Bob Doll from Nuveen, a typically bullish strategist, is on Bloomberg now and says stocks are going higher and HD will go higher after the blow-out earnings this morning. The future is so bright you have to wear shades. Things are going great and only getting better. It's hilarious. Fundstrat's Tom Lee says the SPX will  punch up through 3393 heading higher. GS boosts its SPX target to 3600. The bulls are running. This activity is exactly like early February.

The circles on the volume candlesticks show the distribution days. After the June top, you can clearly see the smart money passing off shares to the bag holdin' sucka's. Here ya go sonny, you need some AAPL stock, don't forget to load up on NFLX and MSFT, too. Here, take some TSLA shares, too, this glorified golf cart company is going far. It is funny albeit sad that many of these novice investors will lose their shirts. There are eight distribution days over the last 7 weeks. The smart money is exiting and once they are satisfied they will let it fall and Joe Retail and Ma and Pa Kettle will be left holding the bag. The money flow indicator is trying to sneak out a tiny higher high to provide another day's bullish fix for stocks, but you can see that the indicator is neggie d over the last 7 months.

The expectation remains for a significant top right now and substantive selloff to occur. SPX 3K is reasonable to expect in September when we see if it wants to go lower. All of Wall Street is euphorically bullish and expects SPX 3400-3600. The bulls gather round the craps table cheering for the win. The euphoric bulls expect the S&P 500 to punch up through the all-time highs today which will kick in bigtime programmed buying and the party will continue. What do you think is going to happen? 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 8:39 AM EST: The euro pops to 1.1937 so the US dollar drops to 92.34 the LOD. Dollar bears are cheering proclaiming that the US dollar is about to collapse. Stocks pop on the weaker dollar the S&P futures are up +5. VIX 21.40. Both volatility and futures are higher so one of them is wrong. Gold +1.0%. Copper +0.6%. Housing Starts data is a beat.

Note Added 9:46 AM EST: The SPX prints a new all-time high at 3394.02. Wheeee! Whooopie! Every day is a party. And another. SPX 3394.22. Yee-haw. Whhheeee! Stocks never go down and only rally. Praise, Honor and Glory to the Fed Our Money God! VIX drops to 21.24 slightly negative on the day. Dollar drops to another LOD at 92.17 as the SPX prints the all-time high. The euro spikes to 1.1962. And another high at SPX 3395.06. Come on, you can do 3.4K! The hats arrived from the screen printer this morning and are sitting in two cardboard boxes on the trading floor. Buy! Buy! Buy! Let's pull out those SPX 3,400 hats! Whhheeeee! Whhooopie! Fed Chairman Powell plans to print money forever so skies are permanently blue with colorful rainbows, and unicorns too.

Note Added 9:57 AM EST: The bulls chase Uncle Buck into an alley way and are beating the heck out of him. Chairman Powell whacks Mr Dollar with a baseball bat, pointing the handle at him and telling him do not even think of getting back up. The dixie, DXY or USD, prints a LOD at 92.15. Check that. 92.14. Stocks, gold, silver, copper, commodities and multinationals celebrate the weaker dollar and praise Powell and the gang when they return inside the bar. Mr Dollar is bleeding, at 92.13, at a 2-year low, but swears that he will rise again. The VIX turns a hair positive so volatility and stocks are both higher, so one of them is wrong.

Note Added 5:38 PM EST: Wheeee! Whoopie! The SPX prints a new all-time high at 3395.06 and new all-time closing high at 3389.60. The bulls are reaching for the sky since tomorrow may never come; the bulls may ask themselves, "Dear God, what have I done." The dixie prints the low at 92.13. Mr Dollar pulls himself up and climbs on top of the dumpster to pull himself up into the first floor window where he can keep an eye on Powell and his henchmen at the bar. The dollar is currently printing at 92.32. Mr Dollar wants to keep climbing higher (due to the possie d on the daily) and get away from the Fed gang. The VIX drops to 21.61 so the stock market was correct in going up since volatility is down. Euro 1.1931. The new moon peaks for the month in about five hours; the overnight will be pitch black. Black Wednesday?.