SPY had the first change of pivot status since 1/6/2016. By this I mean from 1/6 to 1/29, SPY was below all long and medium term pivots, meaning yearly, first half, first quarter and January. I am not counting the short term weekly or daily pivots in this designation. Today, SPY is above the February pivot. This is a sign of strength and as long as this level 192.21 holds then the bounce may go further. It also might pay to watch the ES FebP at 1926. Both SPY and ES charts below.

In addition, QQQ, DIA and NYA are above February pivots as well. QQQ even reclaimed its YP which is potentially a big deal, but watch the NDX YP to confirm as there is some discrepancy in pivot structure this year due to the 8/24/2015 spike low.