SPX and INDU: What to Watch Next

Last update flagged INDU as a potentially useful near-term chart, so let's see how it's doing:

Next up, SPX has now reacted to both its upper and lower intermediate trend lines:

In conclusion, INDU's wave count implies at least one more small wave up still due -- that would be negated if it breaks its most recent low (or if SPX breaks down at blue above).  But as long as those zones hold, then bulls are clear for the uptrend to continue at least a bit longer... though again, we are still in trickier waters here, in the sense that there's a fair amount of overhead resistance, and the possibility for a fifth wave to complete soon.  So until the market breaks out solidly over resistance, it remains ill-advised to get too complacent here.  Trade safe.