And that was a major league hold! Yesterday I pointed out the big levels - SPX and INDU set YPs along with VIX YP. Monday's low was 15 INDU points above its YP level, a near perfect hold. And this time VIX got it right, closing below the YP yesterday despite stocks dropping much more.

When factoring in VIX, the last time we had a day like this was 2/12: a big drop down from the YP (or near enough) in combination with holds & recoveries on several major indexes. Now this time could be the key buy for the rest of the year, or it just be a bounce before a failure. But near the big levels when VIX confirms is usually the place to take a stab.

Same charts as yesterday: SPY, INDU cash and VIX.