I don't talk about the short term weekly and daily pivots here because they change too much for a blog format. Here is an SPY hourly chart, regular session only, with weekly pivots. From the lows this market has been bought very aggressively. After starting the 2/16 week above its WP there are only 5 bars below.
I have been somewhat doubting this rally as I thought we would see a tradable reaction from this major pivot cluster - and I suppose that could still happen if everything stops about right here like at the SPX and NDX cash index YPs and next week turns lower - but at this point the market is very bullish and perhaps it will continue to surprise to upside. Really it was just 3/8 and everything came right back the next day.
Main point on this post is that if you are deciding on a position, or taking off long or adding short, this (along with VIX) is another thing on the list - is the weekly chart in your favor? Because if we are going to get a decent drop from the longer term levels then at least we will probably see the market below the weekly pivot.