Prior week: "SPX set above all pivots; Tech set mostly above levels with NDX futures just under Q3R2s; INDU set above all pivots; RUT set back to Q3R2 & 2HR1 with YR1 just above; NYA & VTI above pivots with VTI topping on YR1 the last 4 weeks."
Last week: SPX YR1 rejection and medium term level break; NDX near 2HR1s, INDU YR1 near tag YR1 rejection and COMP clear rejection, medium term level break like SPX; RUT high YR1 exact and rejection, also below SepP; VTI high on YR1 and rejection.
Sum
The problem here is not 3% down from high on SPX but the yearly level rejections on Dow COMP, and in particular RUT & VTI both picture perfect pivot level YR1 tops. Action was a bit sloppier on SPX (within 5-6 points of target levels 3x), INDU (within 100 points 2x). NDX did tag or near enough a monthly level for the top, and NYA also showed a stall under SepR1.
Most charts are well between long term levels (though tech set 2HR1s to watch), so that leaves Q3 levels and SepS1s and S2s and perhaps lower. A lot can happen before we see Q4Ps and of course the new monthlies but the market has been all above quarterly pivots since March so it will soon be very interesting to see if we are above or below those levels.
SPX / SPY / ES1 / ESZ (note new contract)
On SPX cash weekly chart, a bit sloppier this year than last several, but basically low just below YS1 and high a bit above YR1. YR1 if we happen to see that likely resistance. No long term support until Brexit low.
But daily charts that include quarterly and monthly levels show both futures (and SPX cash not included) at SepS2 already, current contract 2110. If bounce then Q3R1 still maybe resistance at 2138.
NDX / COMPQ / QQQ / NQ1 / NQZ
Weekly charts more bearish below 2HR1, stronger above.
Daily charts vary a bit here with discrepancies between the ETF, continuous and current contracts. QQQ better above 2HR1, if bleow then SepS2 and Q3R1 combo near 112. Must say NQZ added to bearish concern with rejection of YR1.
INDU / COMP / DIA / YM1 / YMZ
Target fail on INDU rather pesky, but cannot complain about the clarity of the move on COMP. 2 week slight overshoot, then YR1 resistance for 5 weeks before the drop that mattered.
Daily charts also vary in monthly support, but 2/3 between SepS1 and S2 levels.
RUT / IWM / RJ1 / RJZ
RUT weekly chart a thing of beauty.
On daily charts IWM has been relative leader here with slight break of SepP so far. Watching SepS1 / Q3R1 combo for support.
NYA / VTI
Wow, I might have to prioritize VTI over NYA here - picture perfect top on VTI YR1 with not one weekly close above the level.
NYA daily added to concern last week 9/6-8, and VTI screamed trouble with that big gap and 1st hour break of SepP.