Prior 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."
Last week: SPX set back to half above half below; NDX futures under Q3R2s; INDU within 100 points of YR1 target twice but no tag, then pullback to Q3R1s on DIA; RUT set high on 2HR1; VTI high on YR1.
For the last several weeks I have been pointing to an ideal top area on 4 of the 5 USA main indexes (I probably should have included VTI but didn't, as that was also approaching YR1). SPX set 2HR1 & Q3R2 combo; INDU YR1; NDX above all time high then thought we would see some pivot resistance; RUT YR1, 2HR1 and Q3R2 combo.
SPX came within 5 points, INDU 59 then 96 points, NDX did reach all time highs but no pivot resistance, RUT tagged levels (and VTI did too). A pesky high so far, with only 2 of the 5 (counting VTI) really tagging levels and not yet on SPX, NDX or INDU.
SPX / SPY / ES1 / ESU
A slight crack in YR1 on SPY and ES1, but SPX still holding and ESU well above. It would not take much bounce to recover, so these are important levels to watch next week.
NDX / COMPQ / QQQ / NQ1 / NQU
Although the both futures dropped back under Q3R2, the weekly cash indexes just don't look too bad here. 2 small red bars at all time highs for NDX looks more like a natural pause after a tremendous run.
INDU / COMP / DIA / YM1 / YMU
Sigh. I was waiting for that YR1 tag on INDU which came within 59 points on 8/15 and 96 points on 8/23. COMP more clear with 2 bar overshoot then 3 bar clear resistance under the level before a significant rejection. DIA and YM1 charts showing pullback to Q3R1s which may be able to hold as support.
RUT / IWM / RJ1 / RJU
Weekly chart looks toppy with small blue bars and wicks bang on resistance. Now *this* is what a pivot high is supposed to look like! IWM 8/23 high at 124.46 and level 124.53, with close re-test on 8/26. Futures charts just slightly different with RJ1 matching cash structure but still selling near highs. That said, the only index to make a clear higher high 8/23 and still above nicely sloping MAs.
NYA / VTI
NYA not near any long term level, but broke Q3R1 which had been trying to hold as support for several days. VTI, a different broad index calculation, does look like a top bang on YR1.