Was the last 17 months a breakout consolidation with a new multi-year Bull Market to follow? The DJI chart examines the previous multi-year Bear Markets with initial breakout consolidation and ensuing Bull Markets. Similar market structure is now in place for the Bull Market to continue. Time will give us the answer.
Just as the Bears failed at 2040 the Bulls have failed to take out the high at 2135. Back to neutral as the price and technicals could not confirm a new uptrend. Another failure to take out the highs would bring another test of 2040. A break of 2040 with further technical breakdown could potentially take the SPX down to the October 2014 level.