Since both quarterly and monthly pivots change over for Monday, the format is a bit different. I'll do quarterly chart, monthly chart, weekly chart, and weekly pivots chart for each.
Sum
Obviously indexes are up but the more important point is signs of strength are everywhere. Whether we look at Bollinger bands or RSIs across timeframes or pivots, everything is resolving to upside. What do I mean by this?
RSIs are powering up on quarterly and monthly charts without any divergence (exception NDX slightly divergence on M chart). Some charts are pushing outside Bollinger bands - rare, but these usually involve higher highs inside the band later. Clearing pivots mean indexes then set their sights on next levels up.
But how high is too high? RSIs are getting up in historically rare territory, and since there is the most data on the INDU I will address that in detail in a separate post.
For now SPX pointing to 2576 if remains above 2503; NDX 6068, INDU 22710-940, RUT 1493-1519, NYA 12307 are long term resistance level targets.
SPX
SPX Q: Q chart RSI 80.8, powering up and pushing the BB. Key thing here is no divergence on the quarterly chart RSI (ie lower high in RSI as price goes higher).
SPX M: RSI 79.03, matching the 2007 top and only exceeded by a handful of bars in 1995-98 bull stampede.
SPX W: At this point some possible divergence on SPX weekly and pushing the BB.
SPX W pivots: Looks like we should see 2576 as long as SPX remains above 2503.
NDX / COMPQ
COMPQ Q: RSI 82.49, outside BB is sign of strength.
COMPQ M: RSI 77.94, on the high side.
NDX M: Some divergence here at 76.17 lower than 5/2017 close at 77.59.
NDX W: 3 holds of S20 so far.
NDX W: 2HR1 not far above; YR3 seems more like a stretch.
INDU
INDU Q: RSI 80.46 exceeded 1927-29, 1954-56, 1986-87, 1995-99. 2 of these had divergence tops but 2 did not.
INDU M: RSI near this level several different times. Probably worth its own blog post to look at these in more detail. The interesting thing is there WAS divergence for both 1929 and 1987 moves, although this still might be easier to see in hindsight than real time.
INDU W: All above rising 10MA on weekly close since 4/24/17 bar.
INDU W: Dow 23K? YR2 is 22937.
RUT
Q: RSI lifting above 2007 and 2014 peaks; only exceeded in 1996-98.
M: RSI Slightly above 70.
W: Breakout!
W: Already at 2HR2, YR1 at 1519 not far off.
NYA
Q: Bullish for RSI to be jumping above 70.
M: Also lifting above 70 on the monthly.
W: 3rd bar outside the BB! This is pretty rare.
W: the jump above YR1 and clearing 2HR1 has been a good tell.
