Last update noted that:
But again, so far, bulls are doing what they need to do and bears have been unable to accomplish much of anything. Long-term, SPX is above its most recent breakout:
I then noted that SPX was also above its near-term support as well, and then closed by noting that the pattern suggested that when SPX broke away from the consolidation zone, it should move fast.
And yesterday, it did. The next possible resistance zone is the blue median line (again), but I wouldn't be surprised to see SPX ultimately move through that, or at least bounce along the underside for a bit. I can't guarantee that, it's just an "odds-on favorite" based on the lengthy consolidation we just had.
Bigger picture, the blue and black support lines will gain more significance the farther SPX moves away from them:
In conclusion, it looks like bulls still have the ball (no real surprise there) and the first step for bears NOW would be a sustained breakdown of blue and black on the long-term chart. Trade safe.
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