Sum
Last week: 3 strong, 1 mixed, 1 TBD+.
This week: 2 strong, 1 strong but testing; 1 mixed, 1 TBD-.
OK so what happened to make the USA main indexes somewhat more negative? SPX and INDU groups remain strong and above all pivots. COMPQ is back to testing its YP, and NQ is is not far from testing its YP again, so the tech set is "strong but testing." RTY mixed below long term YP and 1HP but above medium term Q2P and AprP; watch the AprPs there as a break below would invite a move down to Q2Ps. Lastly NYA having clear trouble at the 1HP / YP area again, and this is a concern for the market. It too held its AprP last week, and would be more bearish with a break below.
Bullish: AprPs on RTY / IWM and NYA hold as the low, COMPQ holds its YP, up from there.
Bearish: Break of IWM and NYA AprPs that likely start a move down to Q2Ps, COMPQ break of YP and then possibly NQ break of YP too.
I am not going to write up strategy based on these scenarios so you'll have to figure it out yourself for whatever is appropriate for your trading / investing style and portfolio.
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SPX / SPY / ES
NDX / COMPQ / QQQ / NQ
NDX is comfortably above all pivots but COMPQ is not. It would be more bearish for that to break in the coming week. But NQ dropping onto YP is not a good short setup for the tech set as a vehicle. Just something to watch right now. If COMPQ breaks YP and SOXX breaks AprP I think the best move is reduce those tech sector longs and take the gains.
INDU / COMP / DIA / YM
New! Adding Dow Composite to this group. I think the pivots are quite amazing clear here, and would have helped confirm a more defensive shift at the end of Q1 with the 1HR1 tag and rejection. Showing both the weekly and daily chart on that. Otherwise, all this above all pivots, comfortably green on the year.
RTY / IWM / TF
These all held AprPs on 4/7, but a break would be bearish and invite a move down to Q2Ps.
NYA / VTI
VTI looks fine above all pivots, but NYA clearly having problems at that YP / 1HP combo where it has stalled for 4 weeks now. Institutions are not bidding up this index, and combined with action on safe havens this is a real concern. But both red bars are not quite clear rejections either, by fighting off the lows the closes were higher than the previous blue bar opens in each case. I will just call this mixed - due to red bar. NYA D held AprP on the low last week and as usual more bullish above and bearish below.