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.

Note Added Hump Day Morning, 8/19/26, at 6:36 AM EST: Okay, so the neggie d spankdown is occurring. Price peaked at 10:30 AM EST-ish last Thursday, 8/13/26, at 7817 (all-time high) and it has been down ever since. King Donnie does not want to send ground forces into Iran so the botched war will fester along until it worsens another notch. The stupid memo of understanding (MOU) is void as of Monday. King Donnie thinks he can make a deal with religious fanatics that are freely willing to die for radical Islam since it guarantees their place in heaven. Trumpski is an idiot. It is a big mistake to go to war without understanding your enemy. WTIC oil is over 85. Brent oil is over 92. A ship was hit a day ago and a sailor was killed. Hey Donnie, you said the Strait of Hormuz is open and you are in full control. Does that mean you take responsibility for that death on your watch? The orange one scratches his butt and did not even take the time to find out the sailor's name. Of course Trumpski is lying about the strait; his lips are moving. He is not in control of the strait. Three Chinese oil tankers are turned back from the strait in the last few hours since the risk is too great. Sure, Donnie, you are in control. Between 130 and 150 ships would pass through the strait before Trump started the Iran War. Now Chump brags that a handful of ships pass each day under the US military's protection. It is pitiful. King Donnie snatched defeat from the jaws of victory. Gasoline prices are on the rise again with oil. Commodities are making a run higher so food will become even more expensive. The 300 million Americans at the bottom cannot afford to live anymore while the 30 million at the top, that control the show, plan their next vacation trip and ask why everyone is so glum? Such is America with Trump instituting and cheerleading corporate socialism as part of his agenda. The US government now has stakes in over a dozen companies. It is enough to make you vomit. That is not capitalism. It is crony capitalism filth in its final throes. Traders buy stocks such as Intel (INTC) because they know it will never go bankrupt since the US government now owns part of the company under Trump's socialism edicts. The same (mainly republicans) that are feeding this corporate socialism monster then turn around and diss common Americans for ever considering socialism. Go ahead and make sense of that. It is funny, but tragic. It has become a big ole pile of corrupt pig slop. Anyhoo, let's take a look at the SPX 2-hour. The neggie d spankdown includes a gap-down move. The chart indicators remain weak and bleak, wanting more lower lows in price on the 2-hour basis, except for the stochastics that are now oversold. The SPX daily chart also rolled over due to the negative divergence across all chart indicators. The 20-day MA at 7609 and rising would be a first downside target. There is a gap at 7600-7630 so the SPX is on an island right now. Watch for a potential island reversal when price drops to 7630 then bloop, it falls right through the gap to 7600 and then lower. If the island reversal does not occur, then price may come down to simply fill the gap. The SPX weekly chart also receives the start of its neggie d spankdown that should continue for several weeks. Semiconductors took the pipe yesterday creating negativity. Look for a potential stick-save with AI happy talk or King Donnie happy talk.

Note Added Thursday Morning, 8/20/26, at 7:00 AM EST: Stick save. King Donnie and Barrister Bessent step-in to manipulate the markets. Trumpski is focused on pumping cryptocurrencies and bitcoin since that will feed his grift operation. Secretary Bessent, representing the Treasury not the Federal Reserve, steps in to manipulate the long yield lower. Donnie was yippie again seeing yields rise so he told Bessent to do something. The 30-year yield was up to 5.32% and then down to 5.19% on the announcement now back up to 5.22%. The US debt tags $40 trillion dollars under Donnie Chump's watch and Bessent steps in with an Operation Twist Lite a couple hours later. Three cheers for crony capitalism filth and market manipulation. Hip-hip horray! As Bessent made the announcement, Chubby Checker was next to him on stage doing the twist. If folks did the twist everyday, they would not be fat. Chubby is a great entertainer. He has charisma and is a great talent. Keystone saw him several times right up close and grooving to the sound. Lots of fun. Come on little miss, let's do the twist. On the Iran War, King Donnie says he is unleashing powerful economic pressure on Iran. In a few days it will be something else for the unfocused orange head. WTIC crude oil is at 89. Brent oil is above 94.

Note Added Thursday Morning, 8/20/26, at 8:19 AM EST: 30-year yield 5.26%. Bessent feels sick and reaches for a bottle of Pepto-Bismol. WTIC oil 89. Brent oil 95. Fill up your gas tank today because prices at the pump are headed higher.