Yesterday: "My take from here: Watch VIX / XIV monthly pivots, then SPY Q3R1 / AugP support, QQQ 2HR1 support, DIA AugP, and NYA AugP. As you can see, plenty of monthly pivot support very nearby. Much better for the bulls if those hold."

First of all, I misspoke. XIV wasn't testing its monthly pivot yet, but its YP. Other than that error, take was pretty good as:

VIX AugP held as resistance; XIV YP held as support (both bullish for stocks)
SPY Q3R1 held as support near exact on low of the day
QQQ 2HR1 didn't test, still all above, was near low of day 8/2
DIA AugP near low of day yesterday, all above today
NYA AugP near LOD (low of day) exact

So, the case could be made for an ideal pullback low here on multiple pivot support that has held. The crowd was a bit too bullish today so we'll see how far tomorrow gets. Big level to watch from here is SPX YR1 2163 which closed bang on the level.

SPX set below, along with an EEM chart with a several moving averages for your consideration - the ones in play are a rising 20MA in orange, and a flattening 400MA in thick brown (400 daily = 20 monthly, approximately). Hint: EEM chart looks like great risk-reward buy here with clear lift from YP, lifting from nicely rising daily 20MA, clearing daily 400MA slightly. My idea is to hold larger position above the D400, and decent position above the YP.