Bullish comments from Friday 5/4 have played out (likely a featured post on this soon). But suddenly quite a lot of major levels in play.

SPY tagged MayR1
QQQ back to YR1 - major decision here
DIA back to QP, slightly above but not definitive
IWM near YR1 HR1 QR1 cluster
NYA also slightly above QP, not enough to be definitive

Unfortunately VIX and VXX are not really helping, as VIX is seeming to suggest a turn for stocks with small decline above its YR1, while VXX is not - back under all pivots for the first time since 2/1.

Oh yeah - USO near YR2 area.

So there a lot of levels here and as usual we are trying to observe the reaction from these levels to determine the best positioning - just like shorting or hedging 4/30 then buying back on 5/4.

SPY, QQQ, IWM, VIX and USO below.