From the blog on when to buy: "For traders, then as I wrote in the SPY daily post yesterday, ES above 1866 and NQ above 4130 could trigger a speculative buy, but whether that gives 1 day bounce or 1 week or is low of the year, who knows. If trying that first I'd want to see an hourly bar with volume close above and then quickly reclaim its weekly pivot."

Well that is exactly what did NOT happen. SPY and ES tried to rally but faded yet again. Not one of the main USA indexes was able to clear its WP (weekly pivot), with SPY hourly chart below. While SPY was able to hang on to the YS1 level on close, ES didn't. In my view ES chart with a close below 1866 looks especially bad.