Prior week: "Selling pressure from key (2016) resistance at SPY YR2 near tag, NDX YR1 bang on, INDU YR2 very near tag, RUT YR2 exact."
Last week: All USA indexes opened above all pivots. Tech set reached Q1R1; SPX and both NYA & VTI reached JanR1s.
All USA indexes above all pivots. Tech set Q1R1 and SPX, NYA, VTI JanR1s the levels to watch for the coming week. If higher then we'll see indexes above those levels or at least no selling pressure. If lower then first support is IWM JanP, which probably will be first to break given current configurations.
Cash index weekly charts with long term levels only
Daily ETF chart with long term & medium term pivots
Futures current contract pivots only (no S/R) and MAs for clarity of entries (now March 17 H)
Futures "1" continuous contract with the works
SPX / SPY / ESH / ES1
Even though SPX looks to be bumping up against resistance, that is really the 2016 level. 1HP is 2196 and first long term resistance is 1HR1 at 2319. The YR1 is valid target with SPX above its YP at 2407.
SPY shows near tag of JanR1.
ESH shows re-entry or continuation setup of move that began on 11/9, and above all rising MAs.
ES1 JanR1 near tag, upper band, but RSI not yet overbought.
SPX sum: Long term looks great, medium term some reaction possible at the JanR1s and upper daily BB.
NDX / QQQ / NQH / NQ1
Weekly chart above pivots and plenty of room to resistance.
Daily QQQ at Q1R1 already!
Futures Q1R1 level is higher due to 11/8 night spike.
NDX sum: Healthy, but already at quarterly resistance so watching how that reacts.
INDU / DIA / YMH / YM1
Weekly chart above all pivots, 1HP 19154, 1HR1 20595 and YR1 21349.
Others look like room to go higher; only some RSI divergence on the YM futures chart. If this were to drop, JanP decent support.
RUT / IWM / RJH / RJ1
Above all pivots but weekly bar doesn't look as strong. If lower probably the first to break JanP. Holding the status of above all pivots is better for the market.
NYA / VTI
Above all pivots, near JanR1 tag on NYA. Similar on VTI.