Prior week: SPX half & half, INDU holding Q3R1s as support, Tech set strong above 2HR1s, RUT above Q3R1 and NYA bit below Q3R1s.
This week: SPX above long term resistance is bullish; INDU held medium term support and going for long term resistance at YR1, tech held 2HR1 as support and going higher, RUT/IWM above Q3R1 and going for higher, NYA still stuck just on Q3R1.
I do try to boil this down but if you are not familiar with my abbreviations it is gobblegook. Simply stated support held last week in classic fashion and markets are going higher. As far as recent gains maintain then we are setting up an ideal top zone at:
INDU YR1, SPX Q3R2 / 2HR1 area, NDX 4816+ (not a pivot), RUT / IWM YR1 / 2HR1 / Q3R2 cluster. If we see those levels, given current sentiment and valuation measures, the market would likely be due for an extended range or deeper pullback.
SPX / SPY / ES1 / ESU
All charts clearly bullish, with both long and medium term levels holding as support and the levels that had capped the market from 7/20 to 8/1 finally giving way. If YR1 can hold as support then clear target zone on all charts is 2HR1 / Q3R2 zone which is 2209 SPX & 220 SPY.
NDX / COMPQ / QQQ / NQ1 / NQU
What a move in the tech set, with massive launch from the 2HP / YP combo 6/27 week & 7/4 week. 3rd time was indeed the charm here. Looks like going for YR1 / 2HR2 up near 5000 area. Remember ATH in 2000 = 4816 and so clearly going for it! One of the key reasons I was bullish was that the Tech set had cleared the 2HR1s. These levels continued to hold as support and was exact low on 8/2 for NDX, QQQ, and NQU. They already zoomed to Q3R2 but I think we pretty much have to see new all time highs on NDX so that means higher.
INDU / COMP / DIA / YM1 / YMU
INDU looks like going for YR1 area which would be such a nice high area considering the rally began when YP held near exact on 6/27. 8/2 pullback low exact on INDU, DIA, YM1 and YMU showing the Dow set continuing to give fantastic signals for the market as a whole. Remember 7/20 high was INDU JulR1 exact, although the others didn't tag levels.
RUT / IWM / RJ1 / RJU
RUT going for 2HR1 and maybe YR1 area. What a move from the YS2 low.
NYA / VTI
NYA a bit stuck, and the only index not to clear resistance at Q3R1 on Friday. VTI healthier but fast approaching YR1 area. If above that then 2HR1 / Q3R2 would likely coincide with RUT / IWM YR1 / 2HR1 / Q3R2 all clustered.