As noted in the USA main index post, there are several indexes right at huge pivot levels and most of those have a tight cluster to boot.
Last week already had pivot status changes on several major indexes SPY ES INDU (barely) DIA YM all cleared either 1HP or YP or both. But these are all under Q1Ps and we can further watch MarR1s for resistance as well.
Basic bullish scenario: these clear Q1Ps and regain status of above all pivots. This would likely coincide with TLT breaking its 1HR1, although not sure of impact on GLD. This would mean adding longs above pivot support and possibly reducing safe havens further.
Bearish bearish: clear rejection, which would mean reducing longs especially some late entries, and possibly adding back on safe havens or stock shorts against the pivots.
Or we could have a pause and shuffle around this large areas without a clear move. Hate to say it but think this will be most likely. Or 1 day rejection then a recovery or something like that. You can also use weekly pivots for an additional decision point as well.
Recent currency trades are out. DXY long or EURUSD short would be out for small loss. BTCUSD out for scratch if you were watching the pivots or yesterday's alert.
I mentioned SOXX as a leader among USA indexes because it was first to re-capture a 1HP. It is right on its YP so if above that then *above all pivots!* We have not seen any stock index above all pivots in weeks (only the safe havens, TLT, GLD, & GDX).
The real big gains last week were the emerging markets. If you held or got back in kudos. Comments on each below; i'll do separate blog post on these soon.
EEM entry tougher from here heading into Q1P & 1HP resistance.
FXI the weakest of the lot still could be first choice for shorts, especially if back under MarP.
PIN jumped and could have been bought 3/1, now between levels.
RSX buy was really 2/16-24; but could buy against the 1HP / Q1P combo and use that as stop area. RSI is highest in more than a year however, bit late.
EWZ buy also 2/12-24, or could have jumped in 3/1 above MarP and WP; jump above Q1P 3/3, now also above 1HP 3/4. RSI on the daily is highest in about 2 years and also at moving average resistance.
If stocks turn down, the first things to move under all pivots are likely IBB, oil as CL, then probably FXI.