SPX and COMPQ: Just the Near-Term, Ma'am

Since last update, the market has finally stalled a bit, so we'll cover the next near-term support and resistance zones.

The resistance zone is clearest when viewed through the lens of COMPQ and appears to be the median line of the blue uptrend channel.

Using SPX for support, the first support zone is obviously yesterday's low, which triggered a decent snap-back rally.  If SPX were to break that zone, things get a little trickier, because the most bullish near-term count has that break as pretty meaningless, while the most bearish near-term count (not shown) would be a bear nest -- and were this to be a bear nest, that could lead to a decent little correction back toward 5900 or below:

In conclusion, we have a couple zones to watch over the coming sessions, so we'll see how the market reacts to those.  I have some more thoughts about the longer-term picture, but they're still germinating, so I'll discuss them in more detail in either Friday or Monday's update, depending on when they've matured.  Trade safe.