Today is another Fed day, which seem to come at the rate of upwards of 8 per month these days. I'm going to keep the words short, but I do have three charts for today's update. This is an inflection point, and as long as bears can keep SPX from sustaining a breakout, they do have an opportunity to turn the market here.
Frankly, even a breakout at 2112 won't do much harm to the big picture (bulls need the all-time high to technically damage the bear picture), but would reset the red count on the chart below.
RUT is at a big picture inflection point as well:
BKX captured its upside targets, and is also in an inflection zone:
In conclusion, if one is bearishly inclined, this is a larger inflection zone that stands a decent chance of turning the market. All markets do have a little bit of wiggle room here, and if they were to run slightly higher, it wouldn't change the inflection zone unless and until the all-time high is reclaimed -- but we do seem to have an impulsive decline from 2111 in SPX, so we could be witnessing the early stages of a turn. Trade safe.
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