Sum
All USA main indexes above all pivots - that's bullish. 2017 leader NDX set also so far holding above levels, with resistance so far turning into support. But we also saw clear selling from levels last week on the other indexes and that has been rare since the election. Most importantly, significant levels were reached on SPY (1HR2 and Q1R2) and these are a bit higher for VTI and DIA. I expect these resistance clusters to be a cap on price in the near term though price could linger up here before a larger drop.
Levels to watch next week - IWM MarP (bullish to hold, more bearish below), QQQ 1HR2 (ditto), and if back up then SPX set YR1, 1HR2 and Q1R2 all in same area.
Charts
Cash index weekly charts with long term levels only
Daily ETF chart with long term & medium term pivots
Futures current contract pivots only (no S/R) and MAs for clarity of entries (now March 17 H)
Futures "1" continuous contract with the works
SPX / SPY / ESH / ES1
SPX weekly stopped on 1HR2 with YR1 just above. Yup - looks like a decent top doesn't it.
SPY daily clear top and rejection from Q1R2, with 1HR2 and YR1 just above.
ES H since entry 11/9, all above pivots; above D20 except 1 day and mostly above D10 as well. Amazing run. No clear divergence yet on RSI.
ES 1 tagged the YR1 bang on and also still above D10. Markets could liinger up here very easily.S
SPX set sum - Major resistance cluster of YR1, 1HR2 and Q1R2 essentially reached and so far rejection. But momentum has been so strong that a test of this area more likely than an immediate big drop.
NDX / QQQ / NQH / NQ1
NDX W above its 1HR2 which is bullish, but would look more threatening with a fade back under the level.
QQQ D shows just 2 days of struggle at its 1HR2 then a jump above.
NQ H still all above D10 entire way since 1/5! Jeesh!
NQ 1 still looks very strong and can hold that YR1 as support.
NDX sum - Very strong above its YR1 and above D10 nearly all of 2017. For now level to watch is 1HR2 because back under would make markets in general look more like a fade.
INDU / DIA / YMH / YM1
INDU not quite to target area.
DIA shows MarR1 tag, with YR1, 2HR2 and Q1R2 just above.
YMH above 10MA since 2/3
YM1 with a focus on RSI and BBs - RSI high at 85 matches December and I don't think that is coincidence. Also note RSI low at 48 in December, close enough to 50 area pullback zone in uptrend.
INDU sum - Reached MarR1 with significant cluster just above.
RUT / IWM / RJH / RJ1
Weekly chart not at resistance, and barely above 2016 high.
IWM still holding MarP, and if that goes then S1 likely.
RJ H Already a few breaks of D50 this year, and MACD negative but without any damage. D50 nearly flat in slope.
RJ 1 still above MarP but D20 basically failing to launch.
RUT sum - the obvious lagger of 2017. Watching MarP and if that goes could be hedging trade candidate.
NYA / VTI
Above 1HR1 is bullish until it fades.
NYA D first time any selling from levels since 1/5 top and 12/13 top. But still comfortably above all pivots. RSI divergence more clear on this chart too.
VTI looks quite healthy all above 10MA.
VTI tagged Mar1 with YR1, 1HR2 and Q1R2 above.
NYA / VTI sum - Reaction from MarR1s but comfortably above all pivots. VTI like SPY and DIA has major resistance cluster just above of YR1, 1HR2 and Q1R2.