Just not what you want to see - unless you are short or hedged, which you might have been if you were around on 12/31 for the late dive. I suspect, however, many were not.

SPY below all pivots with clear resistance at the YP / 1HP combo 200.01 / 199.81 respectively. The close was near a JanS1 at 198.80. The next support on this chart is JanS2 at 193.70. More importantly, below the YP so early in the year substantially increases the chance we will see YS1 at 186.25. Sometimes levels can break and recover, and a weekly close back above the level would look a lot better, but things are bearish below the YP / 1HP until that changes.

In other news, QQQ continued lower under its Q1P, although still above YP / 1HP. DIA saved its 1HP but also closed under the YP. IWM and NYA are below all pivots at JanS1s. Not pretty when 4 of the 5 main USA indexes are below YPs on the 3rd trading day of the year and nowhere near any major support! Bulls need a recovery, and quick.

Correspondingly, TLT was actually below all pivots yesterday but jumped above its JanP, Q1P and 1HP today. That means suddenly TLT is above 3 out of 4 pivots! Wouldn't it be funny for TLT to put in the best rally just after FOMC finally raises rates? Back under the Q1P / 1HP combo will scratch this idea, and TLT is still under its YP, but hey, with stocks trading this nasty TLT may continue to catch a bid.

The one positive is that NQ held its YP at 4432 and ES is still flirting with its YP at 1988. Last September, futures gave better signals on the turn than the cash indexes or ETFs. So for those crossing fingers or adding longs looking for a bounce, these are the levels to watch.