SPX, NYA, INDU: INDU and SPX Capture First Targets

One week ago, I warned that bulls had captured their extended fifth target and that this was "a terrible place for bulls to get complacent."  Wednesday doubled down on warnings, noting that the market was "teetering in an inflection zone," and Friday's update followed suit.

So whatever happens from here, we can't say we weren't warned. And after months of me literally just repeating that the trend was up and that there was nothing for bears to do, spotting the shift in real-time before it occurred proves that -- no matter how temporarily boring the updates might get during bull trends -- I'm still paying attention (!).  And (usually) staying one step ahead of the market.

First up, on Wednesday I wrote (in the body of the update, just above this chart):  "If it can't get back above red fairly directly, that could suggest a trip toward the upper blue line next."

In the event SPX were to sustain trade below the blue support line on the chart above, we'd need to be aware of the next important support zones:

INDU also captured its target:

Finally, NYA:

In conclusion, SPX and INDU captured their first targets, so we'll see if these provide lasting support or not (the market is in the process of bouncing from them, so they've provided some support; the question is whether that's just short-term or not).

Beyond that, not much to add to last week's updates.  Trade safe.