Last week 2 indexes above long term levels, 1 testing, 2 below.
This week 4 indexes above long term levels, 1 below.
That is a significant improvement and genuine bullish development per The Pivotal Perspective.
Now to watch to see if USA small caps ie RTY can clear too.
There are 7 charts below but I could NDX and COMPQ both as part of the Tech set and INDU and COMP as the Dow set.
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Quick version this week. Cash indexes and long term pivots only. There is only one more trading day of May pivots anyway.
This looks like a near enough test, hold and then very bullish launch of the YP / 1HP area. Targeting YR1 2163.
Despite a break and then 4 weeks under the YP, last week recovered in impressive fashion. Not shown on this chart is that the Q2P held on the recent lows.
A bit weaker than NDX but basically the same move. Of course better for COMPQ to stay above its YP from here.
To my eyes the red 1HR1 / YR1 is calling the price like a dog, "come here, INDU, come."
Also a near test of YP like SPX. This index is giving very good signals per the weekly close.
If RTY can join the other indexes above all pivots then we really should see a test of the 2015 highs in INDU and SPX.
What an interesting move. After rallying to its 1HP / YP combo there was a 4 week stall, then a jump above. After a pullback the 1HP held for 3 weeks, first by price then 2 weeks by close. Then launch back above! This is quite a bullish development.