SPX S&P 500 2-Hour Chart; Overbot; Rising Wedge; Negative Divergence; SPX Prints 4393.68 the Highest Number in History

Excellent candidate for the near-term top. Right now. It's done technically. Check the progress when the new candlestick at noon begins, then at 2 PM EST. The 1-hour and 30-minute charts are also cooked but the bulls are trying to jam it now at 4390+. Pope Powell speaks this week so the Federal Reserve will try to keep pumping to save the day. 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 Wednesday Morning, 7/14/21, at 4:00 AM EST: The S&P 500 tops-out at 4392.37 at 12:01 PM EST; 41 minutes after the chart above is posted. Have you ever seen anyone call a near-term top in real-time? No, you have not; but now you have. It is not rocket science. When all the indicators fizzle-out, roll over, and their rate of change is lower (red lines for chart indicators are all sloping down while price slopes up; negative divergence; price momentum, trend and strength is about to reverse), price's goose is cooked and it collapses. The indicators are the fuel that drives prices higher but when the indicators run out of gas (indicators flatten-out and then slope negatively), price drops since there is no more energy available to take price higher. The SPX finishes the day at 4369 which is 23 points off the top. The ball is in the Federal Reserve's court. Does Pope Powell put on his jack boots and step on the throat of volatility again to keep stocks elevated for America's wealthy class, as is standard fare for 12 years running? Pope Powell testifies before Congress today and will tell global traders how to trade. Such is the crony capitalism system. Be charitable in life, help your fellow man.

Note Added Wednesday Morning, 7/14/21, at 9:43 AM EST: Wheee! Whoopie! The Fed steps on Uncle Vix's neck with its jackboots sending the VIX to a 15 handle and creating another all-time record high at SPX 4393.68. Of course it does. The SPX 2-hour chart above is right back in negative divergence again and another top. The action is goofy because Pope Powell is riding into Congress on his pale green horse in 2 hours. With the pop in stocks, a super dovish Powell is expected. He cannot be milktoast today and try to be middle of the road. Traders expect more promises of money printing forever despite the hotter inflation numbers. Can Powell deliver? He stopped at the cleaners on the way to work to pick up his dove wings so he is ready to strap them on. Powell spews at noontime so the markets may pivot between 11:40 AM EST and 1:50 PM EST which encompasses the third and fourth trading segments today (the day is split into six 65-minute segments). The robots may especially pivot at 11:40 AM, 12:45 PM and/or 1:50 PM, give or take a few minutes either way. Powell is wiping a jelly stain from his necktie as he stands in line at the free buffet.

Note Added Thursday Morning, 7/15/21, at 5:00 AM EST: As would be expected from the Fed, and as trader's expected with yesterday's morning pop, Powell is flapping his dovish wings like crazy trying to keep the US stock market turd afloat. SPX 4374.