From 1/11: "The point here is that per The Pivotal Perspective, the market is set up for a decent bounce. This is what a lot of lows look like - all 5 indexes holding major levels."

And also from 1/11: "This means QQQ is best choice for longs, but watch the NDX cash YP and NQ YP if playing the bounce."

OK! Market bounced with QQQ leading, and all the levels I mentioned in yesterdays post again tested and held today. Is this for real? Hard to say. I don't know what will happen tomorrow. But here are two interesting levels to watch. If real, then NDX cash will recover and hold its YP at 4373; and probably TLT will continue to be rejected from its YP (nearly tagged today) at 124.65.

Conversely, if this is just an oversold move to head lower (quite a few big gaps this year), then NDX will not clear its YP and TLT could gap up above its YP. TLT YP is an especially big level; TLT is already above the 1HP, Q1P and JanP so if it clears the YP that will mean it is the only thing in a decent uptrend (excepting inverse ETFs).

Lastly, in these kinds of short term decisions, let's say you were buying yesterday or today and deciding how much to keep holding, you can also use the weekly pivots as a guide as well. I usually don't mention these as the weekly and daily pivots are too short term unless you are trading the hourly chart, and the status can and will change often; but if USA leaders QQQ SPY and DIA cannot even clear their weekly pivots (WPs) then it isn't too much of a bounce. But if they do and TLT is falling, rally continues!