SPX and INDU: Now Is the Time...

...for All Good Men to Come to the Aid of Their Country.  And it probably is, seeing as we just had a candidate for President (yes, of America, not of some mosquito-ridden third-world country) propose price controls(!) as a "solution" to government-caused inflation, for crying out loud, but that's a whole 'nother discussion.

...for bears to put up or step aside.  This was actually my original thought with the "Now Is the Time" title, but you know how word association works, so by the time I started typing, my mind had already moved on to the infamous sentence from old typewriting tests.  Which ultimately led us here.  And thus the Great Circle of Life is complete.

Anyway, we'll see why (why bears need to put up or step aside, that is, since we got a little sidetracked there) on the following chart:

SPX has continued rallying and is now close to overlapping the presumed 2/B high, so here again, the implication is that bears need to make a stand fairly soon:

Now, were SPX to overlap 2/b, it doesn't mean there are no other bear options afterwards, it just means there are no easily-tradeable bear options afterwards.  Although, frankly, I've felt that way anyway about the market ever since SPX reached its downside target earlier this month, which is part of the reason I didn't rush to stick any new targets or bear labels on the chart.

In conclusion, if bears are still in the game, they probably need to turn it lower directly.  If they can't, then it's on to more and more highs forever and ever -- or at least until the price controls kick in and destroy our economy once and for all.  Trade safe.