Sum
If you weight TLT in your analysis, the clear conclusion is that stocks are due for a larger pullback as new highs are extremely unlikely given strength of bonds. However, if you weight VIX which remains below all pivots, just another stock dip to be bought.
I usually like both of these as important confirming indicators, so the mixed messages are frustrating. My interpretation is this: as long as VIX is not signaling trouble, then stocks are more likely to chop around in a range instead of making a sharp drop. Perhaps even TLT will reach its MayR1 and pull back from there; summer trading starting about now anyway. But if VIX starts to move (like early January and February, clearly lifting above Q1P, and especially 8/19-20 2015 jumping above 3 pivots in 2 days) stocks will be at risk for a bigger decline.
TLT
Wow does this look strong. Above all pivots since 5/4 so clearly smart $ has been selling stocks and parking it in bonds. That is not a scenario where USA indexes are likely to make new all time highs. Near term watch MayR1; above that TLT green light to re-test the YR1 / 1HR2 high area.
GLD
The high so far on 1HR3 exact. Earlier drops from the YR1 level quickly came back and here again GLD was below its MayP only 1 day. GLD traders should watch to see if that holds from here.
VIX
VIX remains quite low and not at all worried, below all pivots and even lower than early May. This is odd, and means stocks should come back or we are about to have big jump in VIX from here.
XIV remains under long term levels, so I cannot explain why VIX is so low yet XIV is well off 2015 highs. Also note XIV rejection of Q2R1 on 5/11, though unlike stock indexes it remains above its MayP.