SPY came within .28 of the FebS1 today, but the larger issue is a break of the YS1s on SPY and ES to join SPX that had broken on Friday. This is a big deal, because if YS1 breaks then there is more chance of seeing YS2. Historically, this is not as good a bet as the pivot to S1 / R1 move, but still, below yearly support is bearish.

SPY maybe rebounded a bit by nearing the FebS1 and/or August lows, but that's all I am seeing in this asset class on the lows using pivots. SPX low was within 6 points of the FebS1, and ES a bit more from the same level. IWM tagged FebS1 exact. Watch these FebS1 levels Tuesday: SPY 182.52, ES 1808 and SPX 1822.

Still, the bigger point: all major USA stock indexes / ETFs are below all pivots; major support meaning yearly and half-year levels that have held and bounced somewhat the last few weeks are breaking; and safe havens TLT and GLD are jumping. Until we see a major stock index above at least a quarterly pivot, and safe havens below, the trend is down.

SPY, ES and IWM below.