Prior 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."
Last week: SPX set above all pivots; Tech set mostly above levels with NDX futures just under Q3R2s; INDU set above all pivots; RUT set back to Q3R2 & 2HR1 with YR1 just above; NYA & VTI above pivots with VTI topping on YR1 the last 4 weeks.
Sum
All main USA indexes above all pivots is positive. As long as these hold we can aim for higher level targets. Mostly these are SepR1s with other levels very nearby depending on the index. For the last several weeks I have been looking for: SPX Q3R2 - 2HR1 (top within 5 points so far), NDX 4816+ then ideally a pivot, INDU YR1 (within 59 points) - these 3 all did not quite make target areas. But RUT set & VTI did reach levels. Now it is possible that market can go higher, tag SepR1s and then we'll see. This would be effectively a high test since the SepR1s are mostly near the previous tops. I have to be bullish here with all 5 above all pivots, but this is the 3rd month above monthly pivots and even strong trends are due for a pause or move to monthly S1s from time to time.
SPX / SPY / ES1 / ESU
SPX has held YR1 as support which is bullish. In fact there have been several trading days with lows near this level. As long as this holds we can look for higher targets: SepR1, then especially Q3R2 (both as shown on the daily charts) and then if above that 2HR1 which is quite near the Q3R2 anyway. SPY, ES1 and ESU charts also show clear hold of new SepP on 9/1. This will be the 3rd month above monthly pivots which increases the chance of trading high or break.
NDX / COMPQ / QQQ / NQ1 / NQU
NDX bullish but still pausing at the 2000 top level shown on the red line 4816. Above all pivots with all variants clearly holding SepP. Q3R2s mixed condition with the cash indexes and QQQ above, while futures look like resistance. If higher then SepR1 first target level.
INDU / COMP / DIA / YM1 / YMU
INDU & COMP struggling near their YR1 level, with INDU just shy of a tag and COMP overshooting then dropping back under. DIA and others below monthly pivots on 9/1, but jumped above on 9/2.
RUT / IWM / RJ1 / RJU
Nice hold of SepP and already back at Q3R2 with YR1 just above. Big levels to watch the coming week.
NYA / VTI
NYA looks fine but VTI 4 weeks with top at YR1.