I like this chart as an institutional index even though it doesn't have the active trading vehicles like SPY / ES for SPX, QQQ / NQ for NDX, etc. Also, there are lots of ways to check breadth but using pivots it would be through NYA or combination NYA and Russell / IWM. Let's check it out.

The first chart is weekly with yearly and half-year pivots only. So easy to see solid uptrend from the second half 2012 when it jumped above both pivots (orange dots) and from there all above pivots until September 2014. That came back, then the YP / 1HP combo was able to hold again in early 2015. However, unlike 2012, 2013 and 2014, it never reached a major resistance level. Soon after that we see a break of the 2HP, then a massive break of the YP; from there the YP was clear resistance. This was a big tell for the start of 2016. NYA dropped very quickly to YS1 / 1HS1.

Here's the daily chart view with the quarterly and monthly pivots added. The YS1 (thickest green cross) broek but recovered, and has held for two days in a row. But at the same time, the 1HS1 level (larger green dots) has been resistance for 3 trading days.

Main point: NYA YS1 is part of the picture of yearly levels that will need to hold for markets to put in a better bounce. As I type ES and NQ are still holding their YS1s at 1866 and 4130 respectively, but without participation from NYA chances of a strong bounce diminish.