Prior week: "Last week: SPX set broke Q4S1s, Tech set broke Q4Ps, INDU set broke NovS1s but still well above Q4S1, RUT broke YP (!); NYA also 1 day below YP and VTI below Q4S1."
Last week: 4 of 5 USA mains back above all pivots! Amazing! INDU and RUT set leading, above YR1s. SPX and VTI testing. Tech not in a party mood, below is NovP and just a bit above Q4P.
Sum
Despite the trouble of the 11/4 close with then leader tech breaking Q4P, RUT breaking YP and NYA below YP, markets came back in incredible fashion. From 11/7-9 indexes recovered and cleared pivots. In case you are curious here is a day by day rundown:
11/7 - Tech was again above its QP, IWM & NYA both above YPs
11/8 - 11/8 DIA reclaimed its Q4P with not much status change in the others.
11/9 - 11/9, SPY jumped above Q4P and quickly arrived at YR1, DIA continued above all pivots to near YR1, IWM reclaimed Q4P, VTI reclaimed Q4P.
11/10 - SPY YR1 tag, QQQ NovP rejection but Q4P hold, DIA YR1 tag, IWM YR1 tag, VTI YR1 tag
11/11 - SPY YR1 fade, QQQ Q4P hold, DIA above YR1!, IWM above YR1!, VTI same.
So markets back in bull mode with IWM small caps and DIA industrials looking the best, above YR1s, with QQQ tech in the back seat, not really joining in the Trump festivities.
Charts
Cash index weekly charts with long term levels only
Daily ETF chart with long term & medium term pivots
Futures "1" continuous contract with pivots only (no S/R) and MAs for clarity of entries
Futures current contract with the works
SPX / SPY / ES1 / ESZ
SPX back to YR1! Fractionally above but within 1 point, and right now this is a test. If above next long term target 2209.
SPY a bit under YR1 as well.
ES1 shows hold of D200MA on oversold RSI, and back above all pivots 3 days later despite the massive spike in globex 11/8
ESZ similar
NDX / COMPQ / QQQ / NQ1 / NQZ
NDX doesn't look as impressive here, but still holding 2HR1 as support.
COMPQ better, so that means a few big cap tech are weighing.
QQQ glaringly weak compared to others, under NovP and testing Q4P again.
NQ1 shows entry criteria met 11/7, but 11/9 caution and 11/10 potential reduce
NQZ similar to 1
INDU / DIA / YM1 / YMZ
Stunner by the Dow, back to YR1 and above in 1 bar.
DIA similar, with 2HR1 resistance to watch at the highs so far
YM1 gaive the chance to buy above all pivots 11/7-8 and early 11/9
YMZ similar
RUT / IWM / RJ1 / RJZ
NYA / VTI
NYA recovered its slight break of YP and rallied back to Q4P.
VTI back above all pivots but again testing YR1.