SPY and ES both broke YPs on 1/6 and from there the Yearly Pivot Promise (not guaranteed, but a very good bet) was a move to S1, and that's exactly how it played out. Pretty quickly, with the high probability move happening in just 8 trading days. The S1s officially tagged today and held, which gives a chance for a bounce early next week.

That said, I've been very clear that the "bear is for real below NDX YP 4373" (see the blog) and until the market can climb above at least one major pivot (Y, H, Q) then trend is down and market is vulnerable to further declines.

SPY, ES and NDX below.