SPX Update: Hitting the Pause Button

On Friday, I expressed some skepticism about the decline in SPX due to the recent behavior in NYA and INDU, and it turned out that skepticism was justified, as SPX then went on directly to a new high. 

Of note, INDU and NYA also went on to break their prior swing highs, which is probably not ideal for bears, but we'll see if they can hold those breakouts or not.  Be aware that if they can hold their breakouts, I'll probably have to publish a more bullish intermediate count (one I was already thinking of publishing, but that would seal it).

Because of all that, for the moment, I want to take us back to basics in order to keep us focused on the present:

That's the only chart I'm going to publish today, because when the market starts acting a little funky, it can be a good idea to step back from our preconceived notions for a minute and just watch and wait.  Trade safe.