Prior week: "SPX set below YR1s and OctPs, but holding Q4Ps as support. NDX set still strong above all pivots and hasn't even tested OctP yet. INDU continues drop from near YR1 then Q3R1 high, but also holding Q4P as support. RUT second decline from YR1 high and a bit under OctP. VTI also down from YR1, but holding Q4P as support."
Last week: SPX below Q4P and OctP, in addition to YR1 resistance pressure; Tech set mostly break of OctPs, still above others; INDU set like SPX, below Q4P & OctP; RUT slight break of Q4P and also below OctP; NYA/VTI both under Q4P as well.
Bearish conclusions across the board. It it quite rare to see pivots "looking like" resistance especially this year so I will do a special blog post on this shortly. But that is what we are seeing on SPX and variations, INDU and variations, and NYA/VTI.
Pivots are forcing us to be bearish here until we see bullish developments. This could mean a pivot recovery - which would start with Tech set back above OctP and RUT set above Q4Ps. Or it could mean lower to more important support, say SPX / INDU / VTI Q4S1s, and a bounce from there.
SPX / SPY / ES1 / ESZ
SPX chart YR1 clearly turning into resistance which is bearish. Daily charts that include quarterly & monthly pivots show Q4P break and turning into resistance. This invites a move down to Q4S1 small green crosses, 2096 SPX.
NDX / COMPQ / QQQ / NQ1 / NQZ
Recent high not on long term levels per NDX and COMPQ charts. QQQ slight break of OctP but not the look of resistance yet. Still, it could have held on Friday but didn't. NQ1 and NQZ actually above their OctPs slightly, although both have some bearish conclusions from YR1s. Since NDX cash chart also closed under OctP, and the broader COMPQ OctP even looks like resistance, I am not counting this as a hold.
INDU / COMP / DIA / YM1 / YMZ
High of year remains near tag of INDY YR1. Dow variations also below Q4P which looks like resistance across the board, bearish.
RUT / IWM / RJ1 / RJZ
While some pivots less than ideal this year, it is picture perfect on RUT with low of year bang on YS2, a rally back to YP, a pullback that come back and a rally to YR1, a 2nd test and now another drop. That is the entire year of price action in about 5 moves thus far. Daily charts show break of Q4P, bearish unless recovered.
NYA / VTI (2 different but both broad market indexes)
NYA high not on long term levels, but daily chart shows monthly R1 thena key lower high on Q3R1. VTI low of year on YS1 and high of year on YR1, simple. Now VTI also Q4P "looks like" resistance, bearish.