USA main indexes

Last week numerous long term support levels (pivots and MAs) held, and 3 of 5 USA mains finished the week strong above all pivots. This is bullish as most indexes aren't yet at resistance levels or Bollinger bands yet, and even RSIs on 2H charts are not yet overbought. Path of least resistance is higher.

Whether IWM, QQQ and SPY go for higher level targets sooner or later depends on DIA and NYA 2HP. In other words, it would be a lot more bullish if all 5 USA mains were above all pivots instead of just 3 of 5.  

Upside limited scenario would be IWM topping at YR1, and then SPY and QQQ topping on JulR1s, as we see DIA 2HP rejection. This could certainly happen as it is summertime and a lot of global concerns with trade war etc. But if we think in terms of definitive move beginning near quarter change, then we should at least consider the bullish surprise scenario which means targets of IWM QR1+ 173 (above YR1), QQQ QR1-YR2 area 181-184, and SPY back to test YR1 282.

SPX W: Back above all rising MAs, not overbought - room to go up. 
SPX W: Arrow at 2HP - just had huge hold of long term support. Next major resistance is the YR1 at 2830.
SPY D: Easier to see what just held - near test of Q3P, 2HP exact, then MP (arrow) was resistance for 1 day then back to level then launch. 
ES D: Definitive move seems to be 6/28+ hold of major support. Note MACD not even positive yet so barring immediate reversal this suggests early in the move should the blue line cross positive. 
SPY 2H: 2H RSI not even OB (70+) yet. 
SPX sum: Just had huge hold of 2HP and quickly back above all pivots and MAs on both daily and weekly charts. Room to go higher as resistance on pivots, Bollinger bands and overbought RSI not even close. Near term first target JulR1, but bigger picture target has to be YR1 at 2830 as long as above the 2HP at 2707.

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7 5 SPY 2H.png

NDX W: Although more volatility in 2018 this is still a phenomenal trend not even tagging the W50MA on this year's pullbacks. W10 just held.
NDX W: YR1 turned into support opening door to see HR1 / YR2. 
QQQ D: JulR1 already within reach, then next level of targets 181+.
QQQ 2H: Friday open move was back above all pivots and zoom from there. 
NDX sum: No rebalancing going on here - already back to highs. Above YR1 points to HR1 / YR2 area near 7500.

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7 6 NDX W.png
7 7 QQQ D.png
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DJI W: Still above rising W50MA = bull market. 
DJI W: However, below 2HP - first long term weakness since early 2016, and first demotion since 12/2015
DIA D: D200MA and QP holding, but resistance at JulP and then 2HP. Above that would help the higher targets on the other indexes.

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RUT W: Held W10MA.
RUT W: Zoomed back to YR2. 
IWM D: Already at JunR1 with YR2 just above. 
RUT sum: Pivotal main index leader, back above all pivots on 7/5 before the big launch in other indexes. Test of highs likely at minimum.

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7 15 IWM D.png

W: Saving bull market, above rising W50MA. 
W: Rallying to 2HP. Since less traded, this index more likely to break and recover than others. Still, often a good tell.
D: Held QP then back above MP and now back above rising D200MA. 

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