Sum
Crucially, INDU set is holding above YR1 with no sign of rejection thus far. VTI is also holding above its YR1, as it has for the last 11 trading days. Market leader QQQ broke its JunP for the second time this month, and has dropped down to its YR2 as well. These are the major long term levels to watch this week, and so far the conclusion is bullish - no selling pressure. However, weekly charts and daily RSIs to me suggest break. It is again a week to pay attention.
SPX / SPY / ESU / ES1
Some extra charts today.
SPX W small up bar.
SPY W 2 small red bars ready for up on Monday.
SPY D no rejection from Q2R1.
ESU on buy but momentum slowing after reaching RSI OB on 6/2.
ES1 showing contracting BBs.
SPX set sum - Above all pivots and MAs except 10. So far RSI overbought working off with minimal damage to price.
NDX / QQQ / NQU / NQ1
NDX back under YR2!
COMPQ high bang on YR2.
QQQ W also still holding rising 10MA, looks fine.
QQQ under JunP.
NQU MACD on sell but above rising D50MA.
NQ1 back to lower daily BB - huge buy points in last several months.
NDX set sum - NDX back under YR2! This is big news and key level to watch ahead. Daily charts don't look terrible though, so far holding D50 and near lower BB. Buyers could easily step back in.
INDU / DIA / YMU / YM1
INDU W testing YR1 / 1HR2 combo but no rejection yet!
DIA W pushing the top BB and RSI higher than 4/24 week - bullish.
DIA D no selling from levels yet.
YMU smooth up.
YM1 also 3 days above YR1!
INDU sum - Testing YR1 / 1HR2 levels and so far pushing through with no sign of selling.
RUT / IWM / RJU / RJ1
Weekly chart still between long term levels.
IWM W down from upper BB; sometimes, but not always, the start of real pullbacks.
IWM D Q2R1 rejection.
RJU above rising 20MA.
RJ1 another failure at 3/1 highs.
IWM set sum - Not the worst above all pivots and above all MAs except D10, but reversal from weekly BB could turn into a larger drop.
NYA & VTI
NYA nearing 1HR2 then YR2.
NYA W looks like a top.
NYA D on Q2R1 but no rejection.
VTI holding a bit above YR1.
VTI W looks like a top.
VTI D shows 11 trading days holding YR1, but not going higher.
NYA VTI doing fine with no sign of selling; but weekly charts, daily RSIs and inability to lift above YR1 to me looks like break will be the next move.
