SPX Update: From Near-term to Long-term

Over the weekend, Jay Powell took out some of his frustrations on Iran -- though he's since expressed sincere regret, stating he thought he was launching nukes, not destroying them.  He further stressed that the Fed has the "tools" needed to handle any escalation, should it occur, including the ability to launch a "bunker busting" QE strike against any and all hostile powers.  Powell also hinted at plans to bring Ben Bernanke out of retirement, so he could drop helicopters-full of devalued currency directly onto strategic locations.  

In a separate interview, Bernanke stated he was ready to answer the call -- and that he was fully capable of drowning Iranian oil wells in "eleven years worth of beard clippings," should the need arise.

Let's all pray it doesn't come to that.

In other news, SPX continued doing nothing -- but it has now formed some interesting potentials.  Let's start with the first key chart:

Now let's look at the near-term, where things are showing the POTENTIAL to get interesting in the event bulls can't turn things back up:

Finally, I showed this chart last month, but I didn't elaborate on the implications... because they're mostly contingent at the moment -- but still worth knowing:

In conclusion, the near-term pattern in SPX would call for heightened bull caution in the event it were to sustain a breakdown.  Beyond that, the caveats and warnings of last week's updates remain in effect.  Trade safe.