SPX and COMPQ Updates: Is the Fed Well-Fed?

The market rallied again yesterday, despite rising concerns that the Fed will soon need a new Cook.  CNBC gave voice to the anxieties of many when it lamented that even the Fed needs to eat.

SPX has now rallied up to the median line of the oft-discussed blue channel.  This median is the next resistance for bulls to clear -- in the event they can sustain a breakout, they would have a shot at the upper rail, while a rejection could take SPX back toward the lower rail (sometimes it will land a touch of the lower rail by moving sideways for a time instead of sharply down).

COMPQ is still just below very long term resistance:

While SPX is above very long-term resistance:

In conclusion, as I've said several times recently, so far bulls are doing what they need to do.  The first step for bears remains "a sustained breakdown of the blue channel" (first chart).  Still not much else to add to the larger picture yet -- the market remains within a long-term inflection zone for now.  Trade safe.