Prior week: "SPX still divided, NDX still strong, INDU set stayed below Q3R1 / SepP, RUT again dropped from YR1, NYA stayed under Q3R1 / SepP combo."
Last week: SPX set below YR1s and OctPs, but holding Q4Ps as support. NDX set still strong above all pivots and hasn't even tested OctP yet. INDU continues drop from near YR1 then Q3R1 high, but also holding Q4P as support. RUT second decline from YR1 high and a bit under OctP. VTI also down from YR1, but holding Q4P as support.
Sum
Note: 4 of 5 USA mains are dropping from YR1s! I switched from bullish late June and early July to upside limited mid August and this is how it has played out. I just didn't think IWM would blast through YR1 after rallying all the way from YS2 in February. So far, 3 Q4Ps are holding as support so maybe the market bounces back. And even if they break, tech is now the leader so if QQQ holds OctP and then rebounds, that will just not be too bad a drop. But a combination of YR1s (long term resistance) and then medium term pivot resistance (OctP) is not what you want to see; this is like the February lows in reverse (YS1, then recovery of FebPs).
From here: Bullish would be SPY, DIA and VTI Q4Ps holding, bounce back that is able to rally above OctPs. This may mean retest of highs, meaning SPY YR1, DIA OctR1 then maybe Q4R1, IWM YR1, VTI YR1. But if Q4Ps break then the first thing to watch will be QQQ OctP; SPY DIA VTI OctS1s, then a deeper drop would take SPY DIA VTI Q4S1s.
SPX / SPY / ES1 / ESZ
SPX weekly with long term levels only shows a red bar from YR1. This level has been more resistance for the last few weeks. Maybe it comes back but right now red flag. Also spot this level as key lower high on SPY on 9/22 and since then unable to rally above. Daily charts that include quarterly and monthly levels show support at Q4P and resistance at OctP. If Q4Ps go the next support is Oct S1 at 2128 then the more important Q4S1 at 2096 SPX.
NDX / COMPQ / QQQ / NQ1 / NQZ
Weekly cash charts look great and seem to be headed to YR1 area, another 100 NDX points up. QQQ hasn't even touched its OctP yet, then Q4P below that likely strong support. NQZ with MAs also show nicely rising slopes across the board, in sharp contract to ESZ which is below a flat-ish 50MA.
INDU / COMP / DIA / YM1 / YMZ
Weekly cash charts continue drop from YR1s. Daily DIA chart shows support on Q4P and resistance at Oct1 for the last 3 days.
RUT / IWM / RJ1 / RJZ
RUT red bar under YR1 / 2HR1 looks more bearish, and the 2nd decline from this area. IWM broke its OctP but still above its Q4P.
NYA / VTI
NYA never made it to long term resistance, but had highs on SepR1 then lower high at Q3R1 and since then down. Note NYA did not hold Q4P as SPY and DIA did on Friday. VTI continuing drop from YR1 area high.