SPX S&P 500 2-Hour Chart; Diamond Pattern; Overbot; Negative Divergence Developing

Here is an update for the SPX diamond pattern that was posted a few charts back. Price came up to test the top rail, and punched up through, however, the red lines show the higher highs in price but all the indicators are negatively diverged. The orange circle highlights the MACD line that is neggie d because it is flat but that sneaky thing probably wants another jog move before throwing off firm negative divergence.

For this chart, the candlesticks print at the opening bell at 9:30 AM EST, then at 10 AM, then at 12 PM (noon), then at 2 PM; 4 candles per day. Thus, mathematicians say thus a lot, that is why Keystone was disinvited to the Taylor Swift wedding, a down-up jog move would place the top at 10 AM tomorrow if the top is not in already as the chart above shows. You simply have to watch the MACD to make sure it remains neggie d, this should be known at 10 AM, and if not, surely by noon, the chart will likely be committed to a neggie d spankdown with prices pulling back.

Then the question will be if price simply back kisses the top rail of the diamond pattern and then bounces and takes off higher like a rocket, or, will price fall back into the diamond pattern and then potentially fall out the bottom rail of the diamond pattern. Tomorrow should be a top in the 2-hour time frame and we shall see what the bears got. Keybot the Quant algorithm is long but will be looking to go short if copper is weak. Shine On You Crazy Diamond. 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.