SPX and COMPQ: SPX Testing Blue

Last updated noted:

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

And the market was promptly rejected at that resistance level:

COMPQ was simultaneously hitting resistance, as noted for the past couple weeks:

And SPX has again tested this confluence from above:

In conclusion, the next thing to keep an eye on is the lower boundary of the blue channel -- if bulls can keep closing above it, the uptrend remains intact.  If SPX falls below Friday's low, then we could see it lose 100-200 points from here (for starters -- could turn into much more).  Trade safe.