In the prior update, we expected SPX to rally up to 2450-55 and reverse lower (technically this prediction predated the update by a day, since I mentioned it on Thursday morning in our forums). On Friday, that's what the market did. It looks as good as it can for bears right now, and their near-term stop levels remain clear. In addition, the daily bar on SPX (not shown) typically hints at some degree of downside follow-through.
I'm reading the low at 2436 as a b-wave, but it's not impossible for this to be part of a triangle. Triangles often have complex waves such as double-zigzags that can throw you off -- so just in case, I've drawn up a chart with one alternate near-term bullish bear count:
INDU has, so far, been treating the blue line as resistance. Which is how bears would like it to remain, of course:
In conclusion, there's no material change from the past few updates. Trade safe.
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