SPX Update: Bulls Do Their Job

For the past two weeks, we've been watching to see if bears would break support or not (I stressed how important that was to any bear thesis), writing on June 12: But before we even consider going there, let's see how bears handle these potential support zones first. 

And then driving it home again on June 14:  If it sustains trade below dashed red, then solid red becomes the next target (and sustained trade below solid red would then target ~5767).  But lest everyone get too focused on the lower levels -- remember, bears do have to punch through dashed red first.

And then basically repeating "no change" in each subsequent update.  And, in the end, bulls held the zones they needed to (SPX traded below dashed red for literally about a minute, never broke solid red, and then shot up like a rocket).  This means the uptrend remains solidly intact for now:

I'm going to republish this very long-term chart, because it's worth keeping in mind:

In conclusion, there remains nothing for bears to sink their teeth into and the uptrend continues -- at least for now.  As theorized, the identified support zone proved to be pivotal -- so we'll keep watching for changes if/when they occur.  Trade safe.