SPX Update

On April 10, I proposed that the market might go into a holding pattern (a triangle) for a bit -- which it's since done.  Whether that holding pattern IS a triangle (vs. many other remaining options) remains to be seen -- but it was directionally correct either way:

Next up, we'll just look at the stripped-down very long term SPX chart:

As we can see on the chart above, as of right now, SPX is still above its long-term uptrend lines -- meaning (as I mentioned last week) it is still technically in an uptrend, unless and until bears can sustain trade and closes at lower prices.  Once again, the recent low is an inflection zone that extends a bit lower (so another minor new low would still be within the inflection) -- because we're still at three waves down so far.  We'll see if either side can get anything going again, or if we are indeed in a triangle.  In the event this is a triangle, note that it's a continuation pattern for the decline that projects down to the old ~4700 target zone, perhaps a little bit lower (~4600) -- probably followed immediately by a blistering short-covering rally.  Trade safe.