SPX, COMPQ, NYA: Hope Springs Eternal

SPX and NYA have both been preliminarily rejected from the lower edges of their respective inflection zones.  As of yet, we do not have an impulse down to confirm anything, but it certainly looks possible that one will develop.

Although it's a hard market to say this in:  I continue to lean toward the bears until proven otherwise.  The question at the micro level is whether they're ready to show up again immediately.  As noted above, it's entirely possible they do, especially given that COMPQ has hit an ancient resistance line:

NYA:

SPX big picture:

Finally, I'd be remiss if I didn't disclose that SPX does have multiple near-term options here, even for the broader bear case:

In conclusion, the market is playing for keeps around these levels, and as I've stated previously, unless and until NYA breaks out over its blue (C) high, I'm continuing to give bears the benefit of the doubt.  While there are several near-term options, if NYA is to hold its key high, then there's just not a lot of room for bulls to run much higher.  If I'm wrong, then I'm wrong, but right now, this makes more sense to me than the bull alternative.  Trade safe.