They say no one rings a bell at the top, but pivots ring bells at major turns! It's true - nearly all the big turns in the market will have multiple major pivots in play, which means yearly, half-year, and then sometimes quarterly as well.

On 9/30 the following big levels were in play:
SPX 2HS2 1905, had broken 2 days; recovered, tested and held today
NDX 2HS1 4129, had broken 2 days; recovered, tested and held
INDU YS1 16074, had broken 2 days; recovered today (level did not test)
IWM YS1 108.30, had broken 1 day; recovered, tested and held today

In addition:
TLT 2HP 123.61, had exceeded 1 day but back under today.

These are the ingredients for major turns - however, in this case, due to the sharp drop in Q3 and movement of September, all the stock indexes will be opening below both OctPs and Q4Ps; and TLT will be above. This will mean stiff resistance for the stock indexes is a bit above current levels, even if the market can add to Wednesday's gains.

So at this point, an immediate break of the stock index support levels would be quite bearish, considering all indexes will be below Q4Ps and OctPs. But if the market can rally more first, then watch these levels carefully for the testing of the medium term trend.