The State of the Trend
Last week we cautioned against complacency even though the daily, weekly and monthly trends were pointing upwards. The three major US indices finished the week mixed. The DJIA declined fractionally, while the SPX and the NDX closed marginally higher.
Going forward, the analysis remains pretty similar and fairly straghtforward. Although the trend in all three timeframes remains up, unless the indices break above their last week's highs, a pullback looks more and more likely.
For DJIA the immediate resistance zone is in the 12800-12900 area:
For the Q's, resistance is just above Friday's close:
While for the SPX, that's the 1333 - 1368 zone:
The weekly pivot and first support levels for the SPX, courtesy of the OddsTrader app, are at 1296 and 1233: