NYA, SPX, and Jerome Powell Updates

Last update prompted an angry letter from Jerome "the Gnome" Powell, which I will reprint here in its entirety [sic]:

Dear Mister Pretzel Logic,

I sawed ewe said a thing about me.  Its KNOT TREW!  Stop spredding lyes or eye'll be forced to SEW you!

Jerome Powell
Chairmen of the Fed Earl Rezerve
p.s.- STOP CALLING ME "THE NOME"!!111

Of course, it's never the intention of these updates to foster ill feelings among our feckless fearless leaders, so in the interest of goodwill, my lawyers have reached out to Jerome "the Gnome."  Hopefully we can get things patched up, which Jerome can do while he's sewing.

The market has, of course, continued to drift higher, like a balloon filled with lukewarm air.  But hey, NYA's chart is of at least minor note -- which is something, anyway:

COMPQ, INDU, and SPX all display near-term patterns that are similar to the rising wedge on NYA -- so it's worth keeping an eye on -- especially since SPX is still bouncing along the underside of the generational black trend line:

Near-term, the black trendline is still the first to watch -- but now, the UPPER red trend line (dashed) could act as first support, so bears would have to whipsaw that (even if black fails) before they'd have a shot at the solid red trendline:

First support is a little easier to see on the near-term chart:

In conclusion, multiple markets have formed apparent "rising wedges" -- but these patterns are not always bearish and can instead suggest a new (minor) launch pad... so we need to keep an eye on the support zones for further clues.  Trade safe.