Sum
Prior week: 2 main indexes above long term levels; 2 breaks; 1 rejection.
This week: 2 main indexes tested and held long term levels, 2 recoveries, 1 testing.

That is a big time week! The key thing will be if RUT / IWM can clear its YP. IT tried the week of 6/6 but was unable to close above on a weekly basis. Remember the entire rally has been from RUT / IWM YS2 all the way up to YP and since that move the market has been mostly choppy sideways with a 3-4 week drop, 3-4 week rally, 3-4 week drop, now rally again.

Simple bullish: RUT / IWM joins the others above the YP again.
Simple bearish: RUT / IWM YP resistance, NQ will drop under its YP before others, and leaders SPX set and INDU will drop back down to test Q3 / Jul Ps. (Due to the structure of the high, low and close of the previous quarter and month, these are currently the same level.)

SPX / SPY / ES
Massive hold of SPX YP. Simple view from here is YR1 target by year end. SPY shows the medium term Q3P as well at 206.83 (SPX 2070 & ES 2063). The only oddity here is that ES YR1 will arrive before the cash index and ETF levels. I wish this weren't the case, but it has to do with the lookback data on the futures. I would like to toss out the long term pivots on the futures and stick to quarterly, monthly, weekly, daily; however, the computer programs definitely trade off these levels even if it doesn't make logical sense. If you don't know what I am talking about, send an email through the contact page and I will explain.

NDX / COMPQ / QQQ / NQ
This is getting quite choppy now on weekly basis on NDX. After the drop to YS1 we saw YS1 recover to hold on closing basis, rally to YP that cleared and held as support, YP break, YP recovery, YP break, immediately followed by some recovery. First sign of weakness in stocks would be NQ fade back under its YP with the new Q3P and JulP just below.

INDU / COMP / DIA / YM
The weekly cash index charts look great - definitive hold of YPs. The proximity of YM YR1 is pesky and just one of the hassles of this method. Level to watch although I would weight the sum total of all variants which means ideally we see the cash index & ETF levels for a significant high.