Prior week: "This week: 2 main indexes tested and held long term levels, 2 recoveries, 1 testing."
This week: "4 main indexes above long term levels, 1 fractionally above."
This is the most bullish we've seen the markets all year. It will be even more so if RUT / IWM can continue to follow through and lift above their YPs with "the look of support." Less bullish will be a fade back under these levels. Near term I'd also watch ES 2132-46 for some resistance, and YM 17990-18000 area for support.
SPX / SPY / ES
SPX looks to have a clear path to YR1. SPY should reach Q3R1 at least near 2015, and then chance of higher. ES is the pesky one here, with YR1 immediately above at 2132 and Q3R1 at 2146. This is due to the lookback period of the futures. I really wish it weren't the case, as I would prefer to ignore the longer term pivots on futures, but the fact is computer programs do not ignore these so we must factor them into account. Priority to the bullish view of the cash index and ETF, but it still may pay to watch ES 2132-46 for a near term reaction.
NDX / COMPQ / QQQ / NQ
Tech set looking strong clearly lifting above all pivots - very bullish for the market for tech to get in gear. Lots of room to rally with nearest resistance 112 on QQQ.
INDU / COMP / DIA / YM
Cash indexes looking great, DIA room to rally further, and YM above its YR1 is bullish to stay above 18000.
RUT / IWM / TF
RUT and IWM fractionally above the YP which is bullish, but not quite the "look of support." Simply stated more bullish to hold above the level and less so if back below.
NYA / VTI
These really helped confirm the strength of the market especially on 7/6 with very clear lifts from pivots - 7/6 low bang on NYA YP and lift above its Q3P / JulP as well.