Prior week: "SPX set above resistance and going higher, NDX going for 4816+, INDU ideal top near YR1, RTY also healthy and not at resistance. NYA fine, VTI YR1 level to watch."
Last week: SPX set above resistance, NDX new all time high and now can go for pivot resistance, INDU came within 59 points of ideal YR1 target then faded, RTY also very close to long term resistance but not quite, NYA OK yet VTI YR1 tag.
I have been pointing to ideal high areas the last several weeks. Markets *almost* reached those on some indexes on Monday 8/15, with INDU coming within 59 points of YR1. Then we have SPX set 2HR1 and RTY 2HR1 as well. I'd still rather see the INDU YR1 tag, and have multiple USA mains on levels for a significant high. A target failure is very pesky because you cannot really trade it and only clear in hindsight. So hopefully that hasn't happened!
SPX / SPY / ES1 / ESU
SPX has held YR1 as support the last 4 weeks after clearing it without any trouble on 7/18 week. I'd really like to see a tag of 2HR1 for a key high, but not sure we will see YR2. A move from below YS1 all the way to YR2 would be spectacular - but quite rare historically speaking. SPY showing sideways digestion and clear resistance at the 2HR1 / Q3R2 combo if it can get there. Similar looking chart on ES1 compared to SPY, with YR1 holding 4 times near exact in recent days. Lastly, and ESU chart with MAs and BBs. If market drops we could see the lower band i guess, but a tag of Q3R2 would be a nicer high.
NDX / COMPQ / QQQ / NQ1 / NQU
Cash indexes healthy above 2HR1 and not year YR1. Oh yes, NDX new all time highs as I have been saying the last few weeks. What a run!. Daily charts QQQ and NQ1 combined just now signs of trouble the entire rally - 7/13 looks bad on QQQ but not NQ1, then 8/2 looked more serious on NQ1 but QQQ clear hold of support. Interesting zig zag here... more on that in separate post.
INDU / COMP / DIA / YM1 / YMU
Oh so close on INDU to that YR1 tag - 59 points. COMP looks more threatening as a top, but we really should see a level on the INDU set considering 4/20, 6/7 and 7/20, all of which tagged monthly R1s on cash, ETF, futures, or combination.
RUT / IWM / RJ1 / RJU
Cash index quite close to the 2HR1 tag, just 4 RUT points. IWM bit further, RJ1 looks like cash, RJU actually reached it. Considering move from YS2 a tremendous run. It is hard to imagine a blast through 2HR1 / YR1 without a decent pullback at least.
NYA / VTI
NYA isn't near any long term levels, but at least holding Q3R1 as support. VTI reached YR1 and looks more like a potential top.