For the asset classes I track (ie major stock indexes, safe havens, global ETFs), here's the current update above vehicles above all pivots:

Risk
SMH
FXI
EEM
KWEB
SHComp
RSX
EWZ

Safe havens
GLD
GDX
TLT
AGG

To translate, all USA main indexes have fallen below AugPs, but look at the global indexes holding firm. The story is of course China strength and $DXY / $USD weakness. It is interesting that the global indexes have stayed so strong as 2 key safe havens, GLD and TLT, have moved above all pivots.

Often the best rotations are what holds up best in pullback - for example, KWEB far above AugP the two days that QQQ broke. Other times the best buys are a sudden change of pivot status, especially with moving averages and some MACD or RSI point on your side.

With this in mind - it seems that either safe havens drop and more USA main indexes join the list of risk assets above all pivots, or global indexes fade as safe havens maintain strength.