"Politicians to the left of me,
Bankers to the right,
Here I am... stuck in the middle with you."
-- SPX, Greatest Hits (Remastered for 2021)
SPX has finally broken above black, but near-term, has remained stuck between the next trend lines:
NYA looks eerily similar:
[T]he "standard" fifth target zone of June 7 (4480-4550) has been almost fully captured now, placing SPX at a decision point (see first chart). While a whipsaw of black wouldn't be the end of the world for bulls (see smaller subdividing bull 1 of iii of (v) option), it could be a warning of more bearish things to come, and thus harder to trade -- accordingly, bulls would like to see this back test of black hold for the near-term.
While I know everyone wants to know exactly what's next, there are simply some times where we have to let the market communicate. Trade safe.
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