Serious selling today, but is it one day bear wonder or start of something larger?

SPY HR1 rejection (note high of year on HR2)
QQQ JunR1 rejection (JunR1 exact high on NQ futs and NDX so counting this even though QQQ didn't quite reach level during session)
DIA QP rejection
IWM YR2 rejection (as expected in the latest Total market view)
NYA D200MA break but MP hold

VIX launch from YP, although still under MP
VXX jump back above Juns1

That is quite a lot in the bear column and not much in the bull side. Although Friday could be a sideways day or limited bounce, my conclusion here is that today is not the low and more downside to come. Coordinated action on USA mains with VIX confirmation is usually a reliable signal. If VIX clears its MP anytime soon then it will be even more clear to play defense!

SPY, NDX, IWM and VIX below.