Since VIX launched back above YR1 on Tuesday, and we saw SPX/SPY and INDU/DIA FebP rejections along with NDX/QQQ YR1 rejection, markets have been in trouble.

SPY opened above all pivots but could not maintain and finished below MarP, as did DIA. Both IWM and NYA are below Q1Ps so this means breadth is weak. Only the main index leader QQQ remains above all pivots. And this is not by very much. Several global indexes had a chance to finish above all pivots but failed as well - FXI, EEM, ACWI. Last but not least, SPY is hanging on to +YTD% by just a little bit; anything lower will spark more serious selling.

The leaderboard of indexes that I track above all pivots is:

QQQ
SMH, XBI (KRE if willing to expand to that relatively minor sector of a sector)
EWZ, RSX
VIX

As it turns out all except VIX were on the buy list ideas near the 2/9 low. And volatility was on the buy list well before that.

As I tweeted this morning while SPY was above all pivots - "If any doubt on how current market situation will resolve I think the answer lies in quarterly charts. Still a month to close but looks like upside is seriously done on $SPX. Still may have bounce attempts as market tests various support levels - pros will be selling rallies."

The path of least resistance is QQQ joining the 4 other USA mains below MarP. But keep in mind the market sentiment is quite bearish, and we are likely to see several bounce attempts especially as short term charts reach oversold levels. In addition, VIX YR3 rejection gives some hope for a bounce Friday.

SPY, QQQ and VIX below.