This was despite some very prominent top calls made by 3 of Wall Street's biggest and most respected names that I wrote up here.

The smartest guy in the room Gundlach, Wall Street's biggest perma-bull Tom Lee and Goldman ALL said sell, but my take was:

"Long and strong with VIX below all pivots and XIV above its YP I say." That was written early 8/2 before most of the drop that day (see link above).

"with Tech looking about to blast off and bonds finally a bit weaker, maybe the market will leave everyone waiting to buy a dip in the dust."

"...c'mon, SPX finally clears 2134 and NDX going for new all time highs and you are going to sell out already? Please."

On 8/2 after close in the daily SPY section, I re-iterated all the support that was under the market: "My take from here: Watch VIX / XIV monthly pivots, then SPY Q3R1 / AugP support, QQQ 2HR1 support, DIA AugP, and NYA AugP. As you can see, plenty of monthly pivot support very nearby. Much better for the bulls if those hold."

The only problem with this comment was XIV should have said yearly, not monthly. Anyway, result was:

VIX dropped under its AugP for most of the day on 8/3
XIV held YP exact near the low of the day on 8/3 and lifted from there
SPY held Q3S1 and near tag of AugP, although that must be bad tick on data as SPX and both ES futures held higher lows 8/3 compared to 8/2.
QQQ held 2HR1 near exact
DIA held AugP near exact
NYA held AugP near exact

All charts exact below, except replacing SPY with SPX since SPY bad data tick.

On 8/3 bullish again in the SPY section (with just a sentiment concern): "So, the case could be made for an ideal pullback low here on multiple pivot support that has held. The crowd was a bit too bullish today so we'll see how far tomorrow gets. Big level to watch from here is SPX YR1 2163 which closed bang on the level."