SPX, INDU, COMPQ: INDU Target Now Officially Captured as Well

Last update noted that "this is where bulls need to get their acts together" -- and they did exactly that, staging a strong rally after INDU's February 14 target was captured:

Note that the next significant test for bulls on the upside will be the old long-term trendline:

SPX behaved just like it did in early February.  Its next real test (for bulls) will be the red line:

Finally, COMPQ likewise bounced at its long-term trend line:

In conclusion, while we anticipated these zones with high accuracy, Friday's bounce solidifies them as being correctly identified (one never knows for sure until the market 1) gets to the zone and 2) reacts).  So, at this point, the lines bears need really couldn't be any more clear.  But this means that bulls have kept all their options open and could very well keep running with it, if the market chooses.  The next real tests are the red line for SPX and the old long-term blue line for INDU, so we'll see how the market reacts to those, if it gets there.  Trade safe.