Quick one here, the market is testing FebPs on:
SPY / ES / SPX (as mentioned in the usual SPY daily section yesterday) at 192.21, futs 1925 and cash 1930 respectively.
DIA / YM / INDU at 163.49 (above yday), futs 16373 (slightly above) and cash 16440 (slightly above) per yesterday's close.
Also keep an eye on NYA FebP at 9536.
2:00 EST update. As I type SPY / ES / SPX looks rejected, but DIA / YM / INDU too close to call. Things could change tomorrow but right now the SPY / ES / SPX rejection is bearish until they recover. This would mean taking profits on some other recent longs (RSX, EWZ, EEM) if not out already, and adding back shorts. Best short candidates likely to be anything that didn't even come close to recovering its FebP and quick scan turns up QQQ, IWM, IBB, XLF; or go with what is above all pivots and add back any trim on TLT.
Monthly levels are not my favorite place to position because they can change status fairly easily; so to be clear this is just finessing long / short exposure from the recent drop and bounce. If bounce looked good to continue, then I'd say add more on what is above FebPs. But stopping at the FebP and turning down puts bear breakdown scenario back in play. Watch what happens into the close, and if nothing is really clear then just wait until Friday.