Now things are getting interesting. There were a lot of bearish signs today as there were several pivot & resistance smackdowns.

SPY FebP rejection
QQQ YR1 rejection (still above all pivots
DIA FebP rejection
IWM FebP near tag and rejection

VIX back above YR1 with the look of support

There was also a lot of trouble coming out of China with SHComp, FXI, KWEB and EEM all sharply lower. KWEB lost leadership status of above all pivots. Long term EEM bulls, watch out. FWIW this was the 2nd bearish move from VWO YR1 as well.

If you have been playing along with starter buys 2/9, adds 2/12-14, and then perhaps 2/23, it was a day to be locking in some gains. If extra long probably time to reduce; if good buys on the right vehicles (KWEB excepting) you can give some room and see what happens at MarPs and perhaps the NDX/QQQ YR1 rejection and VIX move got you to take some hedging positions early enough in the day.

The next move is really up for grabs. If NDX cannot take out its high then the market could have an uh oh moment and flush to the downside. Right now I think the higher risk is in the global names especially China as DXY strengthens. As I type SHComp is hanging on to YP but anything lower will be below all pivots.

SPY, SPY pivots only (no S or R lines for the pure perfection of it), QQQ and VIX below.