BKX, SPX: Mr. Gorbachev, Tear Down This Wall

We're coming up fast on the Fed meeting (July 25-26, casual dress okay, BYOB), so you might think there's nothing to say about this market in the meantime, and you'd be half right.  But there is one interesting chart to take a gander at nonetheless:

BKX has reached a much smaller trend line, but it's also worth a gander (though not a goose):

In conclusion, NYA managed to put the kibosh on the most immediately bearish count, but it's not like that's a complete "all clear" for bulls.  While the most "straightforward" interpretation of things is probably that the market is in a 3/C up (as I've said previously), that's not the same as saying 3/C is a slam dunk, so we'll see if the Fed causes any ripples.  Trade safe.