As with yesterday, selling could have looked worse today but really wasn't. For several reasons I view this as more a pause than a turn. Let's keep it simple and use the NYA; holding above the YR2 is bullish. If that breaks, then it will look more like a possible turn. And of course VIX and XIV would have to also confirm trouble, which they haven't. Despite XIV mild drop from 2HR3 today, still holding Q4R3 is part of my logic around the pause idea.

SPY, NYA and XIV below.