Friday's update projected the next inflection zone as 2985-93 SPX, and SPX rallied up to 93 and stalled. This puts us back into a sort of no-man's land for the moment (as I also noted).
We can count three waves up from 2855, but the pattern could support one more minor high and remain a three, if it wants. The key level for bulls is still the all-time high.
INDU likewise rallied up to its next projected inflection point, at the higher red horizontal, and also stalled:
In conclusion, it's interesting to consider that we first began discussing this big picture inflection several months ago (right before the initial stall), and we're still stuck here. The market is getting coiled, so once it breaks (up or down), there would typically be some follow through to that move. As of yet, though, we're still stuck in the range, which makes this no man's land. Trade safe.
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