Prior week: "Last week: "SPX set at 2HR1 / Q4R1 combo; Tech set above all pivots; INDU above 2HR1; RUT at 2HR1; VTI above HR1 and Q4R1."
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.
Sum
Several levels that were testing or slightly exceeded in the prior week acted as clear resistance last week. This is somewhat bearish. But 4 / 5 USA mains above all pivots and often the first drop from resistance in a strong trend comes back. While it is possible that USA mains test DecPs, rising moving averages and prior 2016 high areas may also act as support. Key tell will be Tech set Q4P.
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
Futures "1" continuous contract with the works
SPX / SPY / ESZ / ES1
SPX weekly chart looks more like a top.
SPY daily shows resistance at 2HR1 / Q4R1 combo, with pivot support down near 217.
Futures charts show nice moving averages with 2 day break of 10MA with a sharply rising 20MA. So far RSI fade from 70 not much damage. In addition, market is testing prior 2016 high area.
NDX / COMPQ / QQQ / NQZ / NQ1
NDX fell shy of target zone; COMPQ bang on YR1. QQQ slight break of NovP on 11/30 and plunge through DecP on the first trading day. Testing Q4P again, key tell for market going forward.
INDU / COMP / DIA / YMZ / YM1
Index charts doing fine, above resistance. DIA mild pause at Q4R2 but not threatening yet. Unlike SPY, DIA all above a rising 10MA and much more overbought on the way up.
RUT / IWM / RJZ / RJ1
Fade from 2HR2 and Q4R2. Nicely rising 20MA underneath as support.
NYA / VTI
NYA stuck at 2015 highs but not on pivot resistance. VTI fade from 2HR1 / Q4R1 combo and like the others above sharply rising 20MA.