The bulls enjoyed a big rally last week with price launching off the possie d bottom. Now the tables have turned and the SPX is overbot, in a rising wedge pattern, and displaying negative divergence across all indicators. So now we watch it go down unless a news story or Fed saves the day.
The next 2-hour candlestick is noon so check it then, also at 2 PM EST. The SPX is out of gas as shown by price printing matching and higher highs but the indicators are sloping down (red lines); neggie d. We shall see what is in store today; the bears should growl. 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 11:51 AM EST: Whoopsies daisies. SPX 4519. The next 2-hr candlestick begins in a few minutes.
Note Added 3:21 PM EST: Whoopie. The bulls jump into action and pump the SPX to another high at 4560. Wheeee. Sleepy Joe is speaking promising to grease the skids. The SPX 2-hour remains neggie d across all indicators as the new price high is made. The SPX daily chart indicators have some juice but there should be a pullback now probably through Tuesday. Stocks are excited about something starting 12:15 PM. Volatility is machine-driven lower and stocks go to the moon.
Note Added Wednesday Morning, 3/30/22, at 7:00 AM EST: The S&P 500 rocket launches 114 points from noon Monday through yesterday on news that Russia is scaling back the war but this morning folks realize the actions are not following the words. The positive news resets the charts.
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