Yesterday I was understandably impressed with NDX launch above YR2, but I neglected to mention DJI pause at HR1. Though DJI tends to take 3rd place after SPX and NDX in institutional trading, nevertheless, in The Pivotal Perspective it carries equal weight and many times is the most important.

On 8/15, DJI held its MP and that was the last key pullback low. Yesterday, DJI tagged HR1 but did not exceed and that may have been enough for a trading top.

VIX jumped today with a big lift above YP. At this point it will be close to SepP, and that will be a key tell early next week.

Lastly, the 3 China indexes, FXI KWEB and EEM all fell back under YPs today. Despite strength for part of this week, so far setting up for a weekly rejection of YP - bearish.

SPX and DJI below.