SPX Update: On the Nose

Since last update, SPX did what it was expected to do. I'd noted that if bulls couldn't recover red, it was likely to test purple -- and it tested it on the nose:

The purple trendline on the chart above roughly aligned with the near-term red horizontal I'd called attention to back on the 10th, which got tested in concert with purple:

SPX has bounced from these support zones, so bulls may be able to run it back up to a new high from here.  In the event they can't, then the falling blue line on the near-term chart would be the next zone to watch... and if that were to break down, then we'd have to keep the black complex expanded flat on the table.  Trade safe.