There's been no change to the outlook for some time, so let's get right to the charts. The rally has finally come within a few points of the upside target zone. There should be a bit more upside remaining, but this is an interesting inflection point, and there is a chance that the rally ends today.
Same potential on INDU:
INDU's daily chart, for context:
SPX two hour chart:
Finally, RUT does present an interesting possibility:
In conclusion, the "bear count" has netted roughly 80 points of UPSIDE profit in SPX over the past few sessions, so being a bullish bear hasn't been such a bad deal lately. From an intermediate perspective, the bear counts remain preferred, but we'll begin to discuss bull options in more detail if that becomes appropriate. The first step for bulls would be to reclaim the all-time high. Trade safe.