Another day down below the MayP, along with VIX for the 2nd day above its MayP. Next support for SPY at the MayS1; and another interesting level to watch on SPY is whether it can stay positive for the year at the red line on the chart below.

NYA is not mentioned in the media as much as SPX/SPY, NDX/QQQ, INDU/DIA, and RTY/IWM, but I think it is a key institutional index. It moved back under its YP today, a bearish development. ACWI, an ETF based on a global institutional index, traded slightly under its YP yesterday and had downside follow through today. Big institutions not defending key support is a big problem for the market.

VIX doesn't look too bad yet, but TLT back above all pivots, joining GLD with the same status. Theses are now the only vehicles I track that are above all pivots. This is a risk-off environment.