Bullish action on 4 of 5 USA mains last week:
SPX had mild break of YR1, then recovered
DJI held AugP exact and back above QR1
RUT also held AugP
NYA held HP and then moved back above all pivots
2018 gainers QQQ and IWM having trouble to push through resistance areas, but so far just going sideways. If other indexes are moving up then a rally on at least one of these is more likely. If picking one to get through I'm still think IWM has the better chance.
Bottom line - path of least resistance is up. Pivot holds on 3 USA mains, DJI RUT NYA, and a major level slight break and recovery on SPX, usually mean indexes are going higher as the next move. But the second half of August may mean that the 2 indexes that have been sideways, NDX RUT, may continue in a congestion pattern.
SPX SPY ES
SPX W: 10MA held as support and pushing towards highs. Nice uptrend since the start of the 2nd half.
SPX W: 3rd week above YR1, with the last 2 bars holding the level as support. Opens door to HR1 2883 and then potentially YR2 2987.
SPY D: YR1 level had a mild break and fast recovery.
ES D: Monthly pivot the low of the month so far.
SPY 2H: First RSI oversold since the start of the second half was quickly scooped up, and SPY moved back above the WP.
SPX Sum: All trends up. YR1 had a mild break and fast recovery. Maintaining above 2830 means SPX should visit HR1 2883 soon, and potentially higher by year end. Second half is moving quite differently from the first half so far with most bars up, and only 2 bars mild down / sideways.
NDX W: Congesting under HR1 YR2 combo.
QQQ D: Resistance cluster YR2 HR1 QR1 so far resistance from 7/24.
NQ D: Actually under D10 and D20, a slight bearish divergence compared to SPX SPY ES.
NDX sum: Uptrend intact, but congesting under the major resistance cluster of YR2 HR1 QR1.
DJI W: 3 of last 4 bars have tagged the weekly band but still pushing up.
DJI W: Above long term support, not near resistance.
DIA D: AugP near exact on the low.
Sum: Low of month oh the August pivot, and a fast move back above QR1. Could see HR1 area above 26000.
RUT W: Stuck under YR2 since mid June.
IWM D: AugP exact on the low.
RUT sum: Stuck under YR2 since mid June, but just held AugP on the pullback and heading back up. A bit stronger than QQQ currently as it is also above all MAs.
W: Held HP.
D: Nice hold of 2HP, D200MA and back above the AugP the next day.