7/5/2018 Daily comment: "SPY tested its MP today, which means anything higher and it will be back above all pivots. This is especially notable as ES was again testing its HP earlier in the day. Combined with leader IWM back above all pivots, and VIX closing below YR1 and MP, give the edge to the bulls."

Ding! Long leaders IWM and XBI already above all pivots on 7/5, along with increasing long exposure in general, did well today. For the last 2 weeks I have said to increase cash and watch for good setups near the quarter turn. On Day 1 of Q3 SPY tested and held its 1HP when it could have broken. Day 2 MP was resistance but HP continued to hold. Day 3 tested HP again on the ES contract and rallied big to finish at or slightly above the MP (depending on cash, ETF or futures view). This was the tell. Next move launch!

As it so happens, on the 9:30 15 min bar SPY closed above its MP and VXX closed below its MP, making that below all pivots again. I don't really know of a better system for levels than this.

SPY and VXX below, both daily and 15 min charts.