Last update talked about 3383 +/- as the next significant resistance zone for SPX, and two interesting things happened at that zone since. First, the futures market tested that zone and then dropped like a rock. Cash then recovered the drop yesterday, and rallied right up to that zone, where it stalled again. Which is where we find ourselves today.
I had some trouble with this first chart, because Stockcharts suddenly decided that the ability to save your work was a stupid feature that they've been meaning to do away with anyway, so I had to screenshot it, since I couldn't save:
I also decided it was probably time to update the long-term chart, because I haven't done so in a few months, and INDU has come very close to its second target (originally published in July):
Long-term SPX does appear to have firmly entered the green channel, which we discussed in December:
In conclusion, the market is now testing a resistance zone. Keep in mind that even if it breaks briefly above, it will need to sustain that breakout. Long-term, the trend remains unchanged. Trade safe.
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