SPX, INDU, COMPQ: Keeping It Easy

Last update concluded that there was still nothing to get bearish about:

INDU, SPX, and COMPQ are all still above long-term support.  INDU and COMPQ are brushing against it, but bears are going to need to sustain trade and closes below that support to make this look like anything more than noise. 

Not surprisingly, everything rebounded on Friday.

The problem bears have now is that INDU and NYA (not shown) both look like three waves into their new all-time-highs, which suggests more upside on the horizon -- either directly or after more noise.

INDU has continued holding its key long-term support, which has actually made this pretty easy for everyone (or at least, for everyone who reads these updates and knew about that key zone!):

On the next INDU chart, you can clearly see the three-wave structure into the current high:

COMPQ bounced from its support zone but hasn't hurdled short-term resistance yet, so that's worth watching for near-term traders:

And finally, SPX, which never broke below its black trendline:

In conclusion, there's still nothing to get bearish about yet.  If they want to make things complex, they could turn INDU's high into a b-wave high and run back at support again, maybe whipsawing below it to really throw everyone before rallying back up.  But they don't need to do that and could just run higher from here.  Either way, we'd still need to see sustained trade and closes before long-term support before getting particularly bearish.  Trade safe.