SPX Update: Simplifying a Complex Market

Because this is an unusually complex market right now, I'm going to try to simplify things as much as possible for this update, via a series of bullet points:

• Changes from last update: None, except the speculative wxy became immaterial (i.e.- resolution from here will look similar if this is a corrective decline -- whether it's a c-wave or wxy).
• Next support zone to watch: Blue channel; imminent (see first SPX chart).
• Current intermediate/long-term stance: Neutral, pending more concrete signals.
• Current near-term stance:  INDU and NYA both appear to be incomplete rallies -- so either more upside is needed to complete those patterns, or we're witnessing the early stages of a massive b-wave high with a c-wave (pending) that will revisit/break this year's crash low before we see new highs again.  The c-wave is presently presumed to be lower probability, but this is merely a presumption based on odds alone (because the signals at this stage often look identical).

SPX has (not quite, but almost) tested the blue channel.  So far it's holding, but next meaningful support is noted in the event it fails.

Bigger picture, SPX is in the process of testing a major confluence of long-term trend lines.  How this resolves will not be decisive on its own, but will be meaningful information:

In conclusion, I again front-loaded the meaningful data.  Nothing overly bearish has occurred yet, but today could be the first semi-important test for bulls.  Trade safe.