So for the last, what, two months, three months (? - I don't even know, seems like forever), the updates have basically been "the trend is up, so unless the channels break down, bears should stay out of the way." And so I've been doing my darnedest to keep these updates at least vaguely interesting in the meantime, but there's only so much I can do when the market gets like this.
Anyway, we finally have something noteworthy to mention, in that SPX has captured that crazy target from March 11, 2024 (which, uncharacteristically, seems like forever ago now):
Next up, bears will still need to break down from the channel to get anything going:
NYA continues to hint that there's probably still at least one more 4/5 unwind higher needed:
In conclusion, the capture of any target does serve as an early *potential* warning, but note that the target zone stretches up to 6450, and it's not uncommon for the market to make several stabs into a target zone before deciding whether it wants to reverse or punch through. Combined with NYA, we can probably anticipate that bulls still have some gas left in the tank for now. In the event SPX were to create a convincing breakdown of its noted support channel, then we might consider other options -- but for now, there's really no compelling reason to. Trade safe.
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