SPY still under the 1HP / YP combo, and I did think we would see more of a drop from this crucial level, but there are a few reasons to not be too bearish here.

First, as I type, ES flirting with its 1HP / YP both at 1988, so back to the level despite the rejection of yesterday. Second, VIX remains under the Q1P, so below all pivots, bullish for stocks. Or to put it another way, VIX is not confirming the short set-up. Third, INDU / DIA / YM has been the pivot leader from 2/11-12 lows and is still doing well. DIA has held its YP as support for 4 consecutive days; YM has been above its YP for 3 days. There is still a shuffle going on with the Q1P and MarR1, but any daily close above the most important YP is bullish.