SPX and INDU: What is Going On with INDU?

No real change from the last six months of updates.  SPX did capture its next upside target (one I gave in our forums on May 1: 7310-20) and SPX cash came within a few points of capturing its second upside target (7390-7400):

So, it's worth watching here, because sometimes targets can act as inflection zones -- but again, bears won't want to get too aggressive without an impulsive decline.

The real question is: What on earth is going on with INDU?  SPX has rallied approximately 2.4 million points while INDU has remained stuck below its resistance line and its prior all-time high:

The lag in INDU continues to be something to watch.  

In the event SPX starts breaking down here, the first inflection zone will be 7260-7290.  The next zones are as indicated on the first chart.  One thing worth being aware of here: IF we are indeed witnessing a near-term extended fifth, when it does finally turn, it can turn fast... so that's worth keeping in mind.  Trade safe.