S&P500, Dow Jones, Nasdaq & Russell: Who's the weakest of them all?

Leading the pack....roaring Russell 2000!

Coming in a close second... the nifty Nasdaq Composite!

Not to be outdone, sassy S&P500 in third place!

No prizes for guessing who's last... the once-mighty-meaty-now-dull Dow Jones Industrials!

Correction due

We have completed/almost completing 5 waves up from 1086spx, and very overbought. 1180spx is the rough target of the Inverse H&S. While a correction of some sort is due in the near-term, all the above indices are well within their uptrend channels. Hence, no reason to go overly short, unless there is a break. The DJIA might offer the earliest clues to downside action, as it is closest to breaking its uptrend, as of now.

Short-Term Wave Count for SPX

Although tempted to label the recent rise in the SPX as 1-2-3, the proposed wave 1(now W) only looks like a 3-waver on all the above indices. Let's see how it plays out. If indeed they turn out to be 1-2-3, a typical target of an extended wave 3 is 1.618 of wave 1, which works out to roughly 1196spx. Unlikely, but something to keep in mind.

Meanwhile... on board The Titanic

Smith: Clear.
Second Officer Charles Herbert Lightoller: Yes. I don't think I've ever seen such a flat calm.
Smith: Like a mill pond, not a breath of wind.
Second Officer Charles Herbert Lightoller: It will make the bergs harder to see... with no breaking water at the base.
Smith: Hmm. Well, I'm off. Mantain speed and heading, Mr. Lightoller.
Second Officer Charles Herbert Lightoller: Yes, sir.

Wonder what happened next... ;)