Yesterday I said that despite SPY being under levels there were a few reasons to not be too bearish, and we can say the same today. There was some selling from SPY and DIA Q1Ps, but indexes came back from the lows.

DIA, pivot leader from 2/11-12 low, continues to trade above its YP (5 days now), so that is bullish. Same on YM, but the cash index is still just under its YP 17048 so that will be the real clear in my opinion.

Basically we could be seeing rejections here, but aside from 3/8, we aren't seeing much red. The longer this goes on, the more likely other levels will clear. SPY, ES new M contract, and DIA below.

ES new M contract levels are:
Q1P 1997
MarR1 1988
YP & 1HP combo both 1984