Sum
Healthy uptrends, with some mixed messages and rotation. NYA & INDU both above 2HR1; RUT has raced back to highs after deeper August pullback low, and and confidently approaching resistance so far. SPX and VTI are also testing 2HR1; SPX with a weaker advance last week that invites some selling. Lastly, NDX still above all pivots but testing its SepP and has been taking a breather as other indexes and sectors perk up.
SPY 2HR1 is a key level to watch next week, along with reaction from IWM Q3R1 and QQQ SepP.
SPX / SPY / ESZ
SPX W: Doji bar at top of BB with RSI divergence invites selling.
SPX W: At 2HR1 - poke above, close below.
SPY D: High of month remains SepR1, after low of last month on AugS1.
ES Z: Above all pivots and MAs; buy signal 8/30-31 (back above all pivots, lifting above rising MAs, MACD flipping + 8/31) delivering another gain.
SPX sum: At long term resistance with weekly BB inviting sellers. That said, daily chart still above all pivots and MAs.
NDX / QQQ / NQZ
NDX W: Testing 10MA again.
NDX W: Did not quite reach 2HR1.
QQQ D: Still closing above Q3R1 and SepP.
NQ Z D: Holding SepP and D50; below D10 and D20.
NDX sum: NDX relinquishing leadership this month after selling at the highs early September. Testing SepP and D50MA.
INDU / DIA
INDU W: Invites sellers.
INDU W: Between long term levels.
DIA D: Also between levels, with some pause at RSI overbought.
INDU: Again USA main index leader, recent higher highs; not on any pivot resistance but weekly Bollinger band resistance inviting some pullback.
RUT / IWM
RUT W: Looks great.
RUT W: At resistance but confidently approaching, unlike SPX.
IWM D: That was a fast move back up from 2HS1 & Q3S1, back above pivots, then to Q3R1 and near 2HR1.
RUT sum: Also at resistance, but approaching confidently and weekly chart looks strong.
NYA & VTI
NYA W: Wow - that is pretty rare stuff, 2 weeks overshoot of BB.
NYA W: Liftoff above YR1 and also through 2HR1 - looking good.
NYA D: Testing Q3R2.
NYA sum - looking great, above 2HR1 and testing Q3R1 (which is only in play 1 more week).
VTI W: Pause at upper BB.
VTI W: Also at 2HR1.
VTI D: Traded above 2HR1 for 4 days but fell back for the weekly close. Note RSI reaction.
