Prior week: "Last week: SPX fade from 2HR1 / Q4R1 combo; Tech below DecP; INDU above 2HR1 but tagged Q4R2 and paused; RUT fade from 2HR1; VTI fade from 2HR1 / Q4R1 combo."
Last week: SPX set jump above 2HR1 / Q4R1 and fast move to Q4R2; Tech set held Q4P and jumped above all pivots on 12/7; INDU approaching YR2 (!); RUT testing YR2 (!); and NYA/VTI confirming strength.
Sum
Last week I said the level to watch was Tech set Q4P. This tested and held exact on cash index NDX and futures and near tag on QQQ, and all variations rallied above all pivots on 12/7.
For the coming week RUT YR2 level to watch and a few Q4Rs on SPY (Q4R2), DIA (Q4R3), and VTI (Q4R2). Even if RUT stalls maybe INDU and SPX will continue up for YR2 tests.
Charts
Cash index weekly charts with long term levels only
Daily ETF chart with long term & medium term pivots
Futures current contract pivots only (no S/R) and MAs for clarity of entries (now March 17 H)
Futures "1" continuous contract with the works
SPX / SPY / ES1 / ESH
SPX blasted through 2HR1 and already near YR2 at 2282.
SPY at Q4R2; last resistance area stopped market for 8 trading days, this one?
ESH even higher RSI on current top is sign of strength.
ES1 not at resistance yet; you can see launch above 2HR1 / Q4R2 combe on 12/7.
NDX / COMPQ / QQQ / NQH / NQ1
NDX more to go to YR1, COMPQ already above YR1 and testing 2HR2.
QQQ resistance is bit further, but not the Q4P near test and back above all pivots on 12/7.
Futures charts show low bang on Q4P and up; NQ1 YR1 was exact high on 10/25 so that is next level to watch.
INDU / COMP / DIA / YMH / YM1
INDU looks like 2HR2 / YR2 in reach! COMP is almost to YR2 also.
DIA at Q4R3 with 2HR2 just above, and bit futher to go on the YR2 area.
YMH, if you didn't want to buy RSI overbought then you missed entire rally - all indicators must be judged in context.
YM1 at Q4R3 with 2HR2 and YR2 above that.
RUT / IWM / RJH / RJ1
RUT at YR2 and RSI 69.5 means this level the tell for the coming week.
IWM and figures right on the level and no damage yet. Note - IWM first to launch above YR1 on 11/11 and if looking to add longs that turned out best choice.
NYA / VTI
NYA confirming rally; note above Q4P 11/10 on and more convincingly so 11/15, same day as SPY clear of YR1 area. When NYA confirms the move, I've had very few misses. NYA again confirming strength here above YR1 in past week.
VTI calculated differently launched above all pivots 11/9, above YR1 on 11/17. Fast jump from Q4R2 to Q4R3 in past week.