Last update, we examined the big picture via INDU (SPX and INDU generally track very closely, so SPX would be expected to have extremely similar options), and noted that the market was approaching a potential inflection zone. We are now into that general zone, though when dealing with very long term support and resistance, the market doesn't always turn on a literal dime, so the inflection reasonably extends a bit above and below the "exact" trend lines:
(typos: "not the interesting confluence witht" should be "NOTE the interesting confluence WITH")
SPX has a similar appearance to INDU:
Although the next chart has the potential to "fail," I did look at the near-term to see how it compared:
Again, do keep in mind that the long-term trend lines may overpower the near-term "usual" expectations. This is not a "usual" position for the market.
In conclusion, the market is now into a major inflection zone, as discussed in detail on Friday. Now we'll simply have to see how it reacts. Trade safe.
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