SPX and INDU: INDU Confirms Prediction from Nov. 14

Since last update, SPX has done very little, leaving the outlook unchanged across the board here -- which is to say:

1. As long as key long-term support holds, no reason to be bearish (see this update for the most recent LT chart).

2. Near-term zones are as noted.

3. A complex expanded flat is always possible, but not necessarily probable.

Worth noting that INDU did finally confirm my read from November 14:

SPX has so far held its return into the red channel, testing it and bouncing higher.

Near-term support is unchanged:

In conclusion, to get even the near-term ball rolling, bears would need to break down out of the red channel from the middle chart.  If they did that, then we'd watch the next near term support zones -- and if those broke, then the complex expanded flat would be on the table.  Bigger picture, I'm still not seeing anything that makes me particularly bearish, especially as long as the key long-term breakout holds.  Trade safe.