Although I have not played all the wiggles as well as other quarters, from the start of 2017 I have maintained a basic bullish perspective on USA indexes and have recommended being fully long for most of the year thus far.

The reason? All 5 USA main indexes have been above all pivots for the vast majority of the year. IWM slid below its monthly pivot a few times but has yet to see a monthly S1.

Today, SPX reached the first long term resistance level of the year. It will be interesting to see what happens here. I'll try to sort out the most likely scenarios this weekend on the blog.