While indexes were lower today, it could have been worse - SPY somehow rallied back to close slightly above its JunP. SPX and ES closed fractionally below the levels though, so call it an inconclusive day for the SPX set.

Also, the main pivot leader off the 2/11-12 lows has been the INDU / DIA / YM set, and they all closed fractionally under their JunPs. Not enough to say clear rejection, but a break and change of status nonetheless.

As long as VIX remains above its Q2P, path of least resistance is lower for stocks. But tomorrow is FOMC so it would be not unthinkable to have another dovish meeting and stock bounce.