SPX 2-Hour Chart Upward-Sloping Channel Overbot Negative Divergence Developing

U.S. equities reopen for trading after the Christmas holiday.  The MACD line on the 2-hour has been in focus over the last couple days, waiting for it to top out and roll over.  Instead, the bullish euphoria continues, and the RSI manages to eek out another higher high as well. So the MACD line and RSI want to see higher highs in the SPX after any pull back in this time frame, but the histogram, stochastics and money flow prefer to see price move lower from here. The upward-sloping blue channel shows the ongoing parabolic move in equities. Market bears need to see the RSI and MACD line negatively diverge to signal the top, and this may need 1 to 3 more candlesticks to develop, thus 2 to 6 hours trading time. So this would place trading into this afternoon for the SPX to roll over to the downside or tomorrow morning. Watch the dollar/yen for clues, now at 104.77. The direction up or down in the dollar/yen should directly correlate to the SPX moving up or down. 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.

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