SPX and COMPQ Updates

Last update attempted the bold gambit of publishing an extremely bearish chart to attempt to force bulls to rally (don't ask too many questions about the mechanics behind this, but it has something to do with quantum physics), and the market did indeed stage a small bounce in the two days since.  However, bulls haven't cleared any meaningful levels so far.

As a reminder, the first thing bulls need to do is sustain a breakout over the red channel.

Meanwhile, the next things bears need to do is sustain a breakdown at support.

Same goes for COMPQ:

COMPQ's near-term chart is still in roughly the same place it was, but this offers another way to view support (and it roughly aligns with the chart above):

In conclusion, not much actual movement since last update, and I remain skeptical of this overall pattern.  The next step for bears would be to sustain a breakdown at SPX's most recent low.  If they can do that, then maybe things finally get moving.  Conversely, if bulls can sustain a breakout over the red trend channel in SPX, then the high 6800s comes on the radar.  Trade safe.