Prior week: 4 main indexes above long term levels; 1 testing - (with a negative).
This week: 2 main indexes above long term levels; 2 testing; 1 rejection
As you can see from the basic summary, a bearish shift in the past week. What happened? RUT / IWM set clear rejection from long term levels. 2 indexes weakened from above to testing - the Tech set NDX / COMPQ / QQQ / NQ, actually COMPQ under YP already though I am weighting the NDX 100 which is bang on the level so "testing"; and NYA actually broke its YP for a bit but rallied back.
From there we can use medium term levels; most mains topped near JunR1s, and now they are all below JunPs.
Simple bullish: NDX & NYA hold YP; DIA and NYA then SPY would be first back above JunPs.
Simple bearish: NDX & NYA break of YPs, further declines as main indexes move down to JunS1s.
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SPX / SPY / ES
SPX per long term pivots still looks fine, with decent chance of reaching the YR1 area. As it turned out the 1st half pivots were very near the yearly, but soon we will have new versions for the second half which will likely be different values. After reaching a top near JunR1, the daily charts show a pullback to the JunP, not much bounce, a rally attempt then a break.
NDX / COMPQ / QQQ / NQ
Another test of the NDX YP, and COMPQ is already below! Daily charts show clear QQQ JunP resistance since 6/13, and NQ already below both JunP and YP from 6/13-14 as well.
INDU / COMP / DIA / YM
INDU, DIA and YM all don't look too bad here; no major resistance, and while breaking JunP slightly no clear look of resistance like QQQ and NQ above. That said COMP is more bearish due to the red bar rejection from long term resistance at 1HR1.
RUT / IWM / TF
RUT and IWM long term levels rejection is bearish. IWM held the JunP exact and futs also have some support there, but I would weight RUT and ETF long term levels here.
NYA / VTI
What a save by the NYA - could have broken YP / 1HP but didn't. VTI looks more like SPY and DIA, high on JunR1 and pullback slightly below JunP.