SPX Update: Two Weeks of Nothing

SPX has literally gone nowhere since the start of December, so we've had two weeks of running in circles and not much has changed:

On the intermediate chart, SPX did crack below the old red trend channel, so bulls would like to recover that ASAP:

In conclusion, there's just nothing to add when the market runs sideways for two straight weeks.  The only new observation worth making (additional to all the other observations I've already noted over the past two weeks) is that SPX is below red on the second chart.  If bulls can recover that directly, then nothing doing -- but if they can't and SPX sustains this breakdown, then we should keep an eye on the purple trendline next.  Trade safe.