SPY looks fine per the close, and futures only down 5 points, but NDX / NQ / QQQ is another story. As I type NQ is back under its YP and that is a bearish status change.

If you saw the weakness in stocks and decided to add TLT that was a mistake - as I pointed out on 4/21, TLT traded below its QP for the first time since 1/5/16, so that was also a bearish status change.

I recommended a hedging trade on 4/19 but most of these vehicles delivered gains for 1-3 days depending on how you count.

Interestingly, if you were selecting index puts on SPY, DIA, QQQ or IWM, the best choice was the one index that did not reach its AprR1 - QQQ.

Quite ironically, or not if you view this year as "the loser's revenge and the winner's sorrow", XLE is on the verge of reclaiming its YP for the first time since November 2014! See? What ran up in previous years - IBB, NDX/QQQ, NKY and DAX for that matter too - is lagging this year. Oil and oil related EWZ, RSZ, and XLE are leading, along with EEM, and of the USA indexes, IWM has put in the most impressive percentage rally off the lows.

SPY & QQQ below - QQQ will open significantly lower. Also note inability to turn green on the year adding to selling pressure. The red line marking the 2015 close is also about the same as AprR1.