Weekly charts and long term levels (yearly & half year) only:
SPX / SPY / ES
COMPQ / NDX / QQQ / NQ
INDU / DIA / YM
RTY / IWM / TF
Sum: The more of these that trade below YS1s, the more likely we will see a batch of YS2s on the low that counts. Considering some current YS1 breaks that we are seeing after the market stabilized for a few weeks, that's bearish.
SPX broke YS1 last week, SPY still above, ES breaking this morning as I type. Bearish to break the YS1s as many YS1s tried to hold the market for the last few weeks. On the long term level, next support is far below ie YS2 / 1HS2 combo at 1748 SPX.
COMPQ broke YS1 last week, NDX on the level, QQQ well above (discrepancy due to 8/24 spike), NQ break. Barring big recovery today (anything is possible) likes like both cash indexes and the futures will be below YS1s, bearish.
Interesting, INDU and DIA well above YS1s, with YM testing this morning. So this type of relative out-performance over SPX and NDX makes INDU/DIA for now, first on watch for any bounces. This is especially true if YM continues to hold YS1. Conversely, if you are short (as one would be following this method, along with TLT and GLD longs), one could use DIA as hedge if you wanted to keep more gains on stock bounces.
RTY / IWM / TF stopped at YS1 on the bounce, making visit to 1HS2 / YS2 area likely.
NYA broke its YS1 on close for 1 week, recovered, bounce, down but held, and looks likely to open below this morning.