SPX, COMPQ, INDU, and The Miracle of AI

On Wednesday, Fed Chair Jerome Powell gave his scheduled speech, but no one knows what he said, because I'm too lazy to look it up.  Given the market didn't bother to react, I assume it was his usual canned talk about "tools" and "keeping careful watch" and such.

(Above:  Chair Powell speaks; original image made with AI.)

The above image of Chair Powell was made possible by The Miracle of AI and was generated merely by using an increasingly-frustrated series of prompts.  Even with all the frustration and missteps, it "only" took 15 minutes to get something vaguely resembling what I was asking for -- whereas, before AI, I never would have even bothered, because "Chair Powell" just isn't a good enough pun to waste hours on in Photoshop. 

While I never got the image I quite had in mind, that may be my fault for not having Enough Commitment to the Project.  Here's the final image AI generated from my prompt, and precisely where I gave up:

Anyway, the point is, NONE of that frustration would have been possible without The Miracle of Eh Aye.  The future is bright indeed!

Chart-wise, we're now getting into the zone where I think it's reasonable to start placing the 5 label with a "?".  Assuming no fifth wave extension, we could be close to completing the current fifth, though the prior caveat about it being unclear if there is one more 4/5 unwind still needed persists, for now.

Interestingly, INDU has not exceeded its prior high.  On June 5, I offered this speculation:

INDU is interesting, and there are multiple possibilities in its pattern -- including the possibility that a larger correction in INDU has already begun. In that option, INDU could bounce in wave 2/B while SPX rallies to a modest new high in Wave 5, before they both decline again together.

 

And COMPQ is likewise in its inflection zone:

In conclusion, multiple markets have reached inflection zones, but please continue to keep in mind that we do NOT yet have anything resembling an impulsive turn lower, and these are zones, not hard levels, so we'll just have to see how the market reacts from here.  Trade safe.