Last update projected an opening pop to a marginal new high in INDU that would be sold, and that's exactly what we got. In a perfect world, to keep things simple, bears would like to see Friday's highs hold in INDU and SPX. Another marginal new high would be okay, but the near-term bear counts would be cast into shadow if this were to occur.
We'll start with INDU:
INDU's hourly chart:
Below is a super-simple chart of SPX:
And finally, the SPX 1-minute chart does support the bear case:
In conclusion, while we can't be certain that a reversal began on Friday, bears do have all the correct ingredients in place. There's not much else to be said. Trade safe.
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