SPX, NDX and INDU are within striking distance of their yearly and half-year pivot levels. Due to the variance between the levels on the cash indexes, ETFs and futures, there is not just one level for each but a zone that is very important to watch going forward.

In 2008, the INDU was able to backtest its YP in April after rallying from YS1 even, and we all know what happened after that. But if the YPs clear then it will be very likely the major low of the year is in.

So it is also a good time to think about what can happen as the market approaches a critical level from underneath:

most bullish - soar through it
bullish - slight pause then clear
mixed bullish - pullback then try again
mixed bearish - overshoot by a few days then break
bearish - clear rejection
worst case - chop, ie above below above below, but let's hope that doesn't happen

SPX YP 2015, 1HP 2014
SPY YP 200.01, 1HP 199.81
ES YP 1988, 1HP 1988 (very close tag already!)

NDX YP 4373, 1HP 4373
QQQ YP 104.11, 1HP 104.11 (already cleared)
NQ YP 4432, 1HP 4432

QQQ looks bullish but level maybe suspect due to 8/24/15 spike; I would weight the cash index and futures here.

INDU YP 17048, 1HP 16977
DIA YP 169.30, 1HP 168.60 (1HP tagged)
YM YP 16959, 1HP 16907 (1HP tagged)

Here are charts for those that tagged (or nearly tagged) levels - ES, DIA and YM.