Intro note: If you are new to my terminology please see the FAQ page and especially the video posted there.
The must read summary of the big indexes. All charts are weekly with year & half-year pivots only.
Sum
Based on the 2/8 weekly bars (so 2 bars ago) that held INDU / DIA / YM YS1s and RTY / IWM / TF YS2s, the stage was set for a bounce and that came through. And last week, SPX / SPY / ES recovered their YS1s; NDX lifted from its YS1 as COMPQ & NQ recovered YS1s, and NYA & TFI recovered YS1s too. In all cases, the half year levels are quite nearby the yearly levels as well. So this is bullish action from major long term support (both yearly and half-year) on all main indexes - with YS1s in play for all except YS2 & 1HS2 on RTY / IWM / TF.
If looking at the charts below, just check the action from the large green crosses (YS1s or in case of Russell indexes YS2s).
And who knows, maybe the major low for the year is in and the market is on the way back to yearly pivots and then YR1s. Anything can happen. Right now we can say long term support held, recovered, or bounced on all 5 main USA indexes.
If the market goes higher it will will take significantly more advance to recover longer term levels ie the YP / HP / QP levels. I will do a separate post for the medium term levels to watch for the week, ie, the Feb pivots. If the market drops back down, then at least some of these YS1 / 1HS1 levels will be back in play.
SPX / SPY / ES
SPX reclaimed YS1 1895 / 1HS1 1896 combo, bullish
SPY had held levels fractionally 2 bars ago, more convincing lift last week
ES lifted above 1866
So all 3 recovered YS1s, bullish. If lower the first to break will be SPX 1895-96, then the SPY and ES levels back in play.
NDX / COMPQ / QQQ / NQ
NDX YS1 & 1HS1 recovered fractionally 2 bars ago, clear lift above last week, bullish
COMPQ also recovered YS1 / 1HS1
QQQ perhaps not best guide this year with big discrepancy in structure due to 8/24/15 spike
NQ also recovered YS1 / 1HS1 4130
So all but QQQ (which remained above YS1 due to pivot structure discrepancy) recovered YS1s, bullish. COMPQ and NQ do not quite yet have look of support.
INDU / DIA / YM
All 3 had clearly held the YS1s / 1HS1s 2 bars ago, and put in some bounce from there as planned. The hold 2 bars ago is why I recommended a speculative buy on INDU / YM on 2/12.
RTY / IWM / TF
All 3 bounced from their holds of YS2 / 1HS2 combo.
NYA / VTI
Both recovered YS1s & 1HS1s, bullish.