Recent SPY daily commentary has been bullish because we had not yet seen any selling from this crucial pivot area. Although I did suggest short setups to watch here and here because I thought this tag of of pivots would be first met with a drop.

The fewer trade and less headache version of this system waits for a clear signal on a daily bar; ideally confirmed with VIX, volume and other technical studies. We got that today on SPY / ES, but not DIA / YM.

The more frequent trade and moderate headache version will be quicker to buy or sell levels, with the understanding that if wrong, quick out. In which case you might have been starting to scale in shorts from 3/3 on, but you had to give a bit of room or try again 3/4-7 on the MarR1s on ES.

Anyway, the bars shown below on SPY and ES look like clear rejections. Volume is moderate, so no reason to nix. No RSI divergence on SPY daily chart yet, but back under D200MA. If a key major high is in here at these crucial levels, then it is not a lot to risk. At every least, clear rejections mean lightening longs, adding safe havens and/or VIX vehicles and possibly adding shorts. I won't be able to do a full portfolio suggestion all the time, which depends a lot on your circumstances anyway. Perhaps it shifts back to more long tomorrow; or perhaps this is the start of a big drop.

It all depends on whether there is any follow through tomorrow. Anything could happen, including a comeback and clear of levels. But right now we have major rejection on SPY / ES; DIA / YM still holding up; no status change on QQQ / NQ; IWM got clocked and faded under MarR1; and VTI clear stall and rejection at both long term levels. So, 1 of 5 holding on, 2 of 5 clearly bearish from big levels, 2 not much difference.

As of today bears have the ball again. Let's see what happens.