2/11/2016

From 2/10: "INDU is just above its YS1 / 1HS1 combo at 15746 & 15817 respectively, and RTY is just above its YS2 at 951. Watch these levels tomorrow, and then if lower we'll see the SPY & ES FebS1s." FebS1s (as noted in 2/8 post) were "SPY 182.52, ES 1808 and SPX 1822."

And that is where the market went, to the FebS1s. These held on ES near exact and looks like support, SPY broke and closed .34 above, eh; and SPX held despite breaking intraday. So all managed to close above which is potentially bullish and setting stage for rebound. 

But on the larger levels, INDU broke its YS1 so that's bearish; RTY held its YS2, possibly bullish; yet VIX closed above its YP today which surprisingly happened only by a fraction on 1/20. VIX says market in trouble; I side with yearly levels over monthly; so, whether market bounces or not from here is less likely. If Friday opens with INDU back above YS1 at 15746 and VIX below its YP/1HP combo at 27.46, then it shifts more bullish.