SPX and INDU: Yellow Lights for All Involved

Last update noted that "all roads still point higher -- for now," and SPX did indeed run higher during Friday's session.  We are now getting into more neutral territory, though, where there's presently nothing left in the charts that screams "higher!" -- at least, not at this moment (that can always change tomorrow, of course, since the market is a dynamic environment).

The market is now in a long and intermediate-term resistance zone.  I've illustrated this via INDU below:

SPX is getting into the zone where we can potentially count five complete waves up (I've had the "Bull: 5" label waiting on there at higher prices -- which we've now reached -- since last month).

In conclusion, we're getting into a "caution zone" for bulls.  This alone doesn't guarantee the market is nearing a reversal -- it can always plow right through these levels.  But it does mean bulls may want to walk and not run, and look both ways before they try to cross the street here... there could be an impulsive decline around the corner.  Once we see an impulsive decline, THEN it will be "as good as it gets" for bears.  But as of this moment, it's at least a yellow light for all involved.  Trade safe.