Last week 2 indexes maintained long term uptrends, 1 was testing, 2 were bearish (ie below long term pivots).
This week NYA, the index that was testing, broke its YP but still near enough its 1HP to not have a definite call. Still, a YP break is bearish and enough to say a negative status change compared to last week.
All 5 USA indexes had clear rejections of their MayPs on Friday, and with 2 failures above the MayP we really should see the MayS1s at least. Then we'll see what happens from there.
Levels to watch are the NYA 1HP, NDX, COMPQ & NQ Q2Ps, and the MayS1s.
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SPX / ES / SPY
SPX set remains comfortably above long term levels as shown most clearly on the SPX weekly chart with the yearly and half-year pivots only. SPY and ES show rejection from the MayP which invites a move down to MayS1 at least. This has been my preferred scenario for all of May, but SPY held positive for the year as shown by the red line and bounced from there. Going negative would probably bring more selling and a quick move down to the MayS1, then we'll see what happens.
NDX / COMPQ / QQQ / NQ
Another week below the YP / HP on both cash indexes. QQQ appears to be above but that is really just the issue of the 8/24/2015 spike on the pivot. NQ is a better indicator here, and it is well below the YP, 1HP and MayP but holding the Q2P. Any lower and it will be below all pivots! Cash indexes are also above their Q2Ps (not shown) and this will be a big tell for the market.
INDU / COMP / DIA / YM
INDU like SPX above long term levels, but COMP clear as a bell low near YS1 and high near 1HR1. Sure the wicks exceeded on each turn but the closes very near the levels. DIA and YM rejection from MayPs like the SPX set and above the other pivots. For these we should see a move to MayS1s then we'll see what happens from there.
RTY / IWM / TF
The reason I shifted more bearish after 4/28 was the "bell ringing" at the top on the Russell futures; clear as a bell high and rejection on the 1HP. The RTY set is well above the Q2P but second time below MayP should see MayS1 at least.
NYA / VTI
NYA below its YP, but a very slight break of 1HP is not conclusive. NYA D chart and VTI showing the MayP rejections, so all indexes moving in concert in that regard.