SPX S&P 500 2-Hour Chart; Rising Wedge; Negative Divergence; S&P 500 Prints All-Time High at 7817

The rally orgy party has ran its course. Price makes a higher high, a record high at 7817 but the day is not over yet, with all the chart indicators sloping lower (negative divergence). Price is heading higher but the fuel tank is empty and even the fumes are gone. The last 65-minute segment of the day runs from 2:55 PM EST to 4:00 PM so we shall see if any programmed selling appears. Blow on it and it should fall over due to the neggie d.

Utilities and retail stocks are important now. Chips remain key, ditto copper, and both are happily in the bull camp. Volatility remains low allowing the bulls to rally stocks while throwing rotten tomatoes at the bears. The bulls are pushing higher with the SPX at 7804, not seen since before lunchtime, gunning for the 7817 again. Consumer Sentiment is on tap tomorrow but barring any happy talk from King Donnie or more AI happy talk this evening, stocks have topped-out in the 2-hour time frame.

The SPX climbs to 7806. It took Viagra at 2:30 PM EST at 7790 and swells a big 17 to 7807. What is this guy talking about? Neggie d? Sounds like voodoo. You will have to let it play out into tomorrow morning to see if the negative divergence creates the top. It should unless happy talk occurs. Whoopsies daisies. A slight pull off the top to 7803. 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 Thursday, 8/13/26, at 3:15 PM EST: UTIL, or DJU, 1112 is extremely important for all of next week so watch to see where utes end tomorrow. Price teased 1112 so the bulls know what they have to do. The UTIL 1112 level is key now through next Friday. Write 1112 on a sticky note and put it on your forehead. The new moon peaked last night. We are in the darkest overnight period of the month for a few days. If Donnie Chump is sending in troops (Marines, Seals, 82nd Airborne, Green Berets, etc...), it is going to happen over the next few days, say by Monday. Thus, the weekend will likely be major decision time for the orange head. The US has superior night vision equipment and weapons so now is the time to use them (under the cover of pitch-black darkness). Will the US take Kharg Island? Donnie said the other day to "wait and see." He said that previously and stepped up the military strikes a couple days later. Trumpski screwed the pooch in Iran. He is in way over his orange head and does not know what to do about the Strait of Hormuz mess he created. If we are sending troops in, it should happen any day. If we get to Tuesday and this did not happen, the new moon does not occur for another month, and it is highly unlikely that Trumpski will ever commit ground troops to remove the radical Islamists regime that he said was the reason he went to war on the very first night. It's now or never. Elvis sings It's Now Or Never. SPX back up to 7805.

Note Added Thursday, 8/13/26, at 4:04 PM EST: The SPX prints an all-time closing high at 7799.01 and all-time closing high at 7816.70. WTIC crude oil is at 81.11 and Brent is at 86.89. UTIL ends the session at 1110. Utilities are key tomorrow and early next week. The ball is in King Donnie Chumpski's court.

Note Added Saturday, 8/15/26: The neggie spankdown begins but does not gather much steam only 13 points of downside to SPX 7786. Consumer Sentiment is weak. Perhaps traders are conditioned to wait for the weekend news when King Chump will bloviate happy talk? Especially before futures begin trading Sunday evening at 6 PM EST. Retail stocks, chips and utilities were buoyant preventing a big down day. Retail yearnings are on tap next week so the rubber will meet the road about the health of the US consumer both the upper class (30 million) and lower class (300 million). There is no more middle class. Semiconductors are temperamental like a beautiful woman; one day happy the next sad. As mentioned above, UTIL 1112 is key for all of next week and voila, UTIL ends at..... wait for it ...... wait a bit longer for it..... 1112. Bulls win above UTIL 1112 while bears win below. There are two intraday highs over SPX 7800 but not yet a close above 7800. Keystone was given a "SPX 7.8K" hat but on the way home, a bird sh*t on the brim. Secretary Bessent may have lost his gravitas looking unsure and hesitant when he proclaims that an economic whirlwind will be placed on Iran. A plan to try and seal off Iran is stupid. Any goods, food, water, etc.., will go to the IRGC and their families. Then the pictures of famine will appear on television screens showing the Iranian people starving in the streets. King Donnie Trumpski will be blamed. Chump is in over his orange head and must be trying to put the whole Iran mess on hold until after the mid-term elections in 11 weeks but it is always stupid being guided by politics instead of doing what is strategically right. Or, is it a ruse, and Bessent's nervousness indicates that he is not a good actor? We will find out tonight or tomorrow night. Is Bessent out there talking economic blockade but it is to keep Iran off guard while we go in with forces this weekend? It does not look that way but it would be a masterful stroke albeit one that then kicks off a prolonged war period to remove the radical Islamist regime on the ground (not likely; Trump looks like he wants to cut and run). Chump bloviates that he will declare the Strait of Hormuz a US territory. Why does he say such dribble? It is diarrhea of the orange mouth that cannot stop running. Even as a feeble old guy in his 80's, he feels a need to bloviate, brag, boast and embellish even about the most trivial and meaningless items and news stories. It is funny, odd, pathetic and pitiful all at the same time. Of course those suffering from TSS (Trump Sycophant Syndrome) will say he was only joking about the strait and all that rot. The TDS (Trump Derangement Syndrome) folks will be clutching their pearls about how Chump wants to take over the Strait of Hormuz. Anyhoo, the SPX 2-hour chart, and the daily chart, and the weekly chart, are all in negative divergence across all chart indicators. The SPX monthly chart is in neggie d except for the MACD line (we are at, or very near, within a month or two, of a historic stock market top). Happy Iran talk and happy AI talk can keep stocks buoyant. We will see if the bears got any juice in the week ahead. If utilities fall, the bears will be in good shape, and then weaker retail stocks and chips will help, and then a higher VIX will seal the deal for lots of downside ahead. The bulls need to rally utilities out of the gate Monday and they will maintain sideways and buoyant stocks. WTIC oil 82.40. Brent oil 88.52.