SPX and INDU: INDU Captures Both Its July Targets

INDU finally completed its pattern, thereby bringing honor to its lineage.  Can you believe it was already last month that I wrote about INDU's probable b-wave high?  I can't.  If I didn't know better, I'd swear time was accelerating.

Next up, we talked about a similar option in SPX... and that's probably what this is... but the pattern in ES adds a footnote, making this less of a "slam dunk" than it was for INDU:

Finally, the blue channel is still the first meaningful boundary, and SPX is smack in the middle of it right now:

In conclusion, as noted last week, things are a little trickier as long as the market remains in its larger inflection zone -- hence a reversal, while probably still the underdog, is not so much of an underdog as to bear ignoring it.  Stay nimble until this resolves.  Trade safe.