Here is the SPY with weekly pivots. Trading to the tick. You can see this is looking like buyers have picked up the ball. Upside volume has increased. 1st upside target would be the weekly pivot, then R1, and then if buyers push for more they may try and close the gap level around 425.
Interestingly SPY is at Quarterly pivot after yesterday. This level also coincides with weekly and yearly pivot support levels. On balance volume is increasing slightly, while the Stochastic is near to turning more bullish. I wouldnt be suprised to see a kick up on Tuesday's RTH session and then maybe consolidate. Smart money on the DOW and RUSSELL are still short...
Next downside targets are shown on yearly pivots. Smart money increased their short positions and are two times short compared to long positions on YM and Russell COT report. ES and NQ are unusable as they are used for hedging.
Looking weak near all time high level. Coincides with last quarters R1 pivot. Divergence on Stochastic shows weakness. No volume on this index, but the facsimile ASX200 CFD shows volume decreasing. If you're long on any Australian stocks, think about taking at least partial profit.