All USA main indexes are above all pivots; and all are above daily moving averages (10, 20, 50, 100, 200, 400) with exception of INDU. INDU set which is mostly on 10 & 20MAs but not under yet. This is bullish configuration for stocks.
However, market is pausing at SPX set cluster of YR1 / 1HR2 / Q1R2 resistance. At this point I think sideways or down is more likely that blast through (this might be wrong). If down, however, all indexes will be dropping onto pivot and MA support which will very likely be bought.
If IWM stays above MarP bulls in charge and a more bullish scenario likely. If indexes are lower, then pullback likely minor.
Bottom line - Range more likely than blast off here but even if market has biggest drop since last October all indexes have lots of support which will likely be bought on first test.
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 June 17 M)
Futures "1" continuous contract with the works
SPX / SPY / ESM / ES1
SPX W looks toppy; clear resistance at the YR1 / 1HR2 cluster, and weak buying often precedes a drop.
SPY looks a bit worse and more like rejection, but some of that was the ex-dividend move.
ESM shows high tesst with RSI divergence, but still above all MAs and pivots. Market could have biggest drops since October and simply test the MarP and daily 50MA (purple).
ES1 with resistance levels has high within 3 points of YR1. The levels vary slightly from cash and ETF due to overnight action on 11/8-9.
Sum: Market pausing at major resistance, but so far not much damage after high test. Still above all pivots and MAs (daily 10, 20, 50, 100, 200, 400). Preferred scenario is down instead of blast-off, but we'll see what happens.
NDX / QQQ / NQM / NQ1
NDX W is amazing run of 11 bars with close higher than open. Looks like only 1 negative week in that stretch.
QQQ high on MarR1 and let's not lose sight that new all time high just 3/15; this time with some divergence.
NQM all above 10MA since 1/5 except maybe 1 day 3/8. If down, anything near MarP and rising D50 would likely be a great buy setup.
NQ1 shows top on same level. The momentum is so strong here that it will take quite a lot of time just for moving averages to turn sideways. Dips will be bought.
NDX sum - Amazing move and very bullish for the market for Tech to resume as market leader as it was for much of 2009-15. Momentum is just incredible and even if other indexes drop this is likely sideways before a significant drop.
INDU / DIA / YMM / YM1
INDU did not quite reach the resistance cluster. Weak up bar with lower close than the high bar invites selling.
DIA looks like headed lower but again, ex-dividend on Friday.
YMM testing 10MA which has turned flat, but still above nicely rising 20 and 50MAs and of course above all pivots.
YM1 shows high near YR1. Again the discrepancy between cash index due to 11/8-9 move in futures markets.
INDU sum - Looks ready to drop, but let's not get too bearish with index above all pivots and nicely rising D20 and D50 MA well below that.
RUT / IWM / RJM / RJ1
2017 lagger but weekly chart seems to have more potential here.
IWM found lows close enough to MarS1 and back above all pivots. Long 1 unit if it can stay above the MarP.
RUT sum - 2017 has not joined party but we might see some rotation. Recent short hedges both made a bit of money and covering 3/14 was the right move.
NYA / VTI
Weekly NYA chart doing fine above 1HR1, and the only negative looks like RSI divergence.
Daily NYA above all pivots - only 2 day below monthly pivot since 11/14.
VTI weekly looks more like INDU here, between levels.
VTI daily above all pivots and above all MAs. Bullish configuration.