SPX and COMPQ: No Guarantees in Life or Markets

Let's simplify things in this update.  While many markets LOOK like they could stand another wave up, the simple observation is:  We are retesting a major resistance zone (the all-time high).  

And, again, keeping things as simple as possible:  Anytime you have a major retest like this, there is a chance the market won't break through.

So, what I'm saying is:  Looks can sometimes be deceiving -- especially in financial markets -- so this would not be a good place for bulls to get complacent.

A chart worth paying attention to is COMPQ, because it has done the bare minimum needed to complete its pattern.  Now again, it would LOOK a little better with another wave up.  But let's not put all our eggs in that basket, lest it get tossed off a roof by a late-lingering Easter Bunny who suddenly realizes that bunnies don't LAY eggs and the entire holiday tradition makes no sense.

Next is SPX -- which is considering whipsawing its last breakout.  Recall that whipsaws (were that to occur) can lead to strong moves in the opposite direction.

So that's it for today... mainly I just wanted everyone to remember that there are no guarantees in the market and retests of all-time highs sometimes fail -- so we should all stay on our toes here.  Trade safe.