SPX and NYA: Trading in Circles

SPX has traded in a circle since last update, bouncing off dashed red support, then ending up reversing and closing near it again.  Which makes this now the THIRD consecutive update where nothing in the outlook has effectively changed.  Which makes finding new and interesting things to write about rather challenging.

NYA managed to bounce over the blue line, then ended up back beneath it -- so we'll see if this is a warning to bulls (it may be)… or a red herring (since SPX is the stronger barometer, and it's still holding its key zone):

In conclusion, rather than reprint the exact same series of warning and caveats that I've said in the past two updates, I'd simply refer everyone back to Sunday night's update if you forgot them.  Trade safe.