SPX S&P 500 2-Hour Chart; Positive Divergence; Falling Wedge; Oversold

Despite all the doom and gloom, and rampant negativity, and clawing at the eyes, and foaming at the mouth, and the end of the world talk, the SPX 2-hour chart is set-up to rock and roll higher again with possie d (green lines).

The 'bearish Tepper, weak semi's, Tesla car price cuts, and higher GDP' drubbing today should be no match for the positive divergence, falling wedge and oversold conditions (all bullish indications) on the hourly basis.

A bounce would be expected tomorrow unless negative news hits the wires. 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 Monday, 12/26/22: The possie d bounce occurs to 3845. The important 200 EMA on the SPX 60-minute chart is at 3907 so that may be the upside target to test and where price will either bounce further, or die. Let's take a look at the progression of the 2-hour chart. The RSI above moves higher to 48% on the verge of moving into bull territory above 50%. The MACD prints a higher high so it has juice for another higher high in price on the 2-hour basis. Stochastics are long and strong wanting more highs for the SPX price but the money flow is neggie d over the last couple hours. Thus, price may be soggy as trading begins after the Christmas weekend, with SPX slumping to 3830, but then heading higher again to fill the juicy gap at 3854-3870. The SPX may print an island reversal pattern where price comes up to 3854 then bloop, in a heartbeat it is above 3870, gapping-up through the same gap it fell down through that forms the island (price gaps higher jumping off the island). There is probably a showdown coming at 3900-3910 and that is where the market will separate the men from the boys. If the SPX starts the year running higher above 3900 on its way to 4000, it will likely keep running in January for another 200 or 300 points of upside.