Nearly all of May I have been looking for a move to MayS1s. There were just two trading days with SPY above the MayP and I put my bearishness on pause, but still had several other concerns as outlined here on 5/1.

In the most recent Total market view post, I said a move to MayS1s was very likely and then we would see what happens from there.

And that's exactly how it has played out, with the SPX set tagging the MayS1s today, and rallying from there. In fact, SPY, DIA, IWM and NYA have all tagged the MayS1s (or come close enough), and VIX tagged MayR1 too.

Maybe this is a key trading low, and given action on ES that is already off to a good start. The crowd is beared up, markets have been down about a month, and we've had a mild and mostly sideways pullback. For now the MayS1 holds and SPY remains above the other pivots. NDX holding its Q2P and NYA recovering its 1HP would be key tells for the market from here, as well as VIX moving back down.

SPY, ES and SPX charts all below showing the move bang on the MayS1s. Remember, those small green dots that make up the MayS1 have been fixed from the close of the last trading day of April and remains in play to the end of the month.