Bearish scenario played out. "Bearish: COMP breaks 1HR1, NQ and perhaps COMPQ break YPs, SPY, DIA and VTI continue to drop from AprR1s."
Last week: 4 indexes above pivots and 1 mixed, but 3 of those 4 had reactions from medium term resistance, ie AprR1s.
This week: 3 indexes above pivots, with the tech set going from strong to mostly weak; also, RTY which I had been calling "mixed" ie below long term levels but above medium term levels had bearish rejection from its YP / 1HP area. So, 2 indexes had significantly bearish developments last week.
It's all about the MayPs, and whether the tech set can recover any damage.
Bullish: Most main indexes above MayPs and/or hold MayPs as support. NQ holds Q2P and then NDX recovers YP.
Bearish: SPY etc below MayP and NQ under its Q2P.
* * *
SPX / SPY / ES
SPX comfortably above long term pivots (ie YP and 1HP). SPY and ES above all pivots as well, but after spending two months completely above monthly levels at least a test of MayP is very likely, and perhaps it will trade below and we'll see a monthly S1. The green line on the ES chart is the contract high. I'm not sure how the futures can be at highs with index and SPY well below, but that was the level.
NDX / COMPQ / QQQ / NQ
Both cash indexes breaks of YP / 1HP levels, a bearish status change. QQQ pivots not as reliable as the other index ETFs due to 8/24/15 spike, but NQ futs clear attempt to hold its YP then breakdown. From there bounce on AprP and now on last chance support at the Q2P. The tech set will open below MayPs.
INDU / COMP / DIA / YM
The COMP poked above then fell back under 1HR1 level. Otherwise INDU / DIA / YM look find above all pivots with a minor pullback from a AprR1 high.
RTY / IWM / TF
RTY and IWM near tags of long term levels, and the futures were bang on the 1HP. Bearish rejection.
NYA / VTI
These still look OK above all pivots; like SPY and DIA, just a pullback from an AprR1 so far.