After two days of trying to hold the market up, today the bulls caved.

SPY QP & MP rejection
QQQ QP break & rejection
DIA MP break
NYA QP rejection

But -
IWM still above all pivots
NYA held HP

Today all except IWM medium term trends turned from a mixed status to clearly down. This will likely lead to another test of the long term trends. As this will be the third or fourth test (depending on how you count late March and early April) this year of long term levels, and now with a 2nd lower high on the daily charts, one wonders what will happen should those levels test again.

If the selloff caught you by surprise due to the gap up, the early clues were that SPY did not have a 15 min bar close above its WP, and in the 9:45 bar closed below its QP. QQQ quickly followed in the 10:15 bar to smash through its QP - considering the move overnight, glaringly weak. And VIX lifted above its YS1 early in the day.

There were two indexes on pivot levels on the lows today - IWM MP and NYA HP. But I don't think this is enough. Path of least resistance is another leg lower.

SPY D, IWM D, and SPY 15 min below. On the 15 min chart, usual QP and MP in orange; WP and DP in maroon.