Yikes! Just before New Year's Eve it looked like SPY, QQQ and DIA were on track to open above all pivots. Then the late dive on 12/31 took out the JanPs, and the horrendous gap on 1/4 did even more damage. On the first day of the year, SPY traded below the Q1P, 1HP and even YP for much of the day.

That said, Monday could have been worse! Why? SPY held the YP at 200.01 on the close! This level just has to hold for a bullish view for 2016, especially with the 1HP just below at 199.81. Remember, if the YP breaks I'll start to think YS1 which is just under the 9/30 low on SPY at 186.45. But even if the YP holds, SPY will need to clear the Q1P at 201.55 and then JanP at 204.90 to regain a stronger status.