SPX and INDU Updates

Most of the market barely budged on Friday, leaving us in more or less the same position we were then. Maybe the most interesting thing to happen was that INDU dipped below its blue trendline, but then closed on it -- so the jury's out as to whether this will become a sustained break or a whipsaw:

SPX basically has two primary options here:

1. The current decline is part of a nested third wave down (in which case, we're likely embarking on the expanded flat we've been watching for three months).

2. The current decline is part of wave 2/b down and getting close to bouncing.

Hence the inflection zone highlighted on this chart:

Finally, the most bearish option in detail below:

Not much else to add beyond all that.  Trade safe.