Finally the breakdown I have been anticipating for the last 2 weeks happened. However, it was not everything the bears could want and there is some chance of a bullish scenario.

The +s
IWM held above YR1
QQQ below YR1 but not much rejection
SPY held QP

The -s
DIA QP break
SPY MR1 rejection
NYA testing HP
VIX launch from YP to above YR1
VXX back above HP

In addition, XLF hammered, a lot of international indexes under pressure due to DXY strength, and TLT +2% above QP. That is not the move Wall Street has been expecting - TLT +2% and XLF -3% in one day.

So although the leaders have not caved I think there are a lot more -s and +s here and conclude this is not a one day wonder, and likely lower prices ahead.

IWM, DIA, XLF, VXX and VIX below.