First, a quote from 1/19: "SPY and for that matter, ES, NQ, the Nasdaq Comp cash index are all trying to hold the YS1s. If those continue to hold, better bounce coming up. If break, then that will look really ugly and invite a flush below the August 2015 lows." Levels broke and SPY / ES / NQ flushed below the August 2015 lows.

OK, everyone knows that today "looks like" a low. But the pivots don't confirm yet! Despite the recovery, SPY was unable to hold on to YS1 186.25 as support, and ditto for the ES YS1 at 1866. Similar on the NQ YS1 at 4130 as well.

That said, DIA tagged its YS1 for the first time this year, and IWM came within a fraction of YS2 - enough to count. Lastly, TLT reached 1HR1. These are all the levels to watch for tomorrow. Simply stated, if ES can climb above 1866 along with NQ clearing 4130 again, then bounce on; and probably DIA and IWM will be holding their yearly levels as well as TLT drops. But below 1866 and 4130, free-fall & semi-crash continues.