1. The back-test of the red trend lines occurred.
2. The April 23 upside target was ~captured.
SPX is in the ballpark of another POSSIBLE resistance zone, but so far, bulls have been lumbering right through all of those. And that successful back-test of the breakout is not helpful to bears. Every now and then, though, you will see a successful back-test that leads to one more push which then falters, so it's not a slam dunk just for bulls just yet... but it's still encouraging for them.
NYA is back to its black line:
And INDU has finally gotten on the same page as everyone else:
In conclusion, keep in mind that the most bullish possible pattern here would be a bull nest to new highs. And while the market isn't quite behaving right for that at the moment (there should be more upside momentum), that can change in a heartbeat. On the flip side, it does keep open the option that we're dealing with something else -- at least, as of this second, that's an option. But either way, bears aren't doing anything to get them excited or even really have them do anything other than watch and wait for an impulsive turn -- again, at least, for now. Trade safe.
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