Yikes! That was a brutal start to the year, and a lot of people are talking about what it all means. From The Pivotal Perspective, the view is simple: if the index is above the yearly pivot, there is a very good chance of seeing the yearly R1 at some point in the year. Below the yearly pivot the target shits to the yearly S1.
On the big indexes, most especially the Dow / INDU, there is a exceptionally good chance of either one (but not both) happening - in fact, in all but 4 years since 1950, the Dow cash index reached its YR1 or YS1. This makes the pivot a key dividing line for one of these larger targets on the year.
Find out more in the video with a view of 2016 so far on the 5 main USA indexes:
SPY / ES / SPX
QQQ / NQ / NDX
DIA / INDU