While today was not a total reversal, there are enough warning signs to be on alert.

If you look at SPX or SPY without any pivots, it seems like a smaller red pause day after healthy advance and it would be difficult to be too bearish.

But if you add in RSI, then there is some caution because of the clear selling at 70 level.

Now add pivots. That's right, the 2HR2 / YR2 combo is still resistance. SPX tested the 2HR2 level on Friday, but today dropped back under YR2. This is potentially a big deal.

I don't think many people are looking at charts and thinking this could be a major high for the year. But I am.

If so then we will see bearish action on multiple USA main indexes and a confirmation with VIX and XIV. While XIV also suggests selling, the full sell signal hasn't happened yet. Still, watch carefully.

SPY (also showing 2HR2 / YR2 rejection) and XIV (2HR1 resistance) below.