In August, two different holds of monthly pivots were key pullback lows. Today NDX, RUT and VXX all tested MPs. RUT and VXX both moved in favor of stock bulls, but NDX hasn't bounced yet.

NDX also fell back under its YR2. I find level overshoots then fails are among the toughest patterns to deal with (harder than support breaks and recoveries, because it is somehow easier to expect this). So this monthly pivot will be important. If it fails, then it will start looking like YR2 rejection.

SPX, NDX and RUT below.

5B 1 SPX.png