Last update noted:
[I]n the event SPX can sustain a breakout over its ATH, then that would put some near-term bull options in play, including the option that everything since the "three down" low was a bull nest. For this to be the case, bulls would want to see a breakout on increasing momentum.
That looked to be the case early on Wednesday, but the rally has since stalled, so bulls will need to keep pushing over this hump to keep the bull nest hopes alive. The near-term SPX chart discusses the zone they need to hold and the next classic upside target:
INDU is one of the reasons things aren't a done deal for bulls yet, even over the near term INDU hasn't exceeded its prior high and is still at its major resistance zone:
Not much else to add beyond that. Trade safe.
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