I have been sounding more bearish in the SPY daily comments since Monday. In yesterday's Monthly charts post on the blog, I noted tech sector weakness compared to the other Main USA indexes. And today we saw most indexes down today with tech leading.

If you wanted to hold current winners IWM, DIA and XLF yet be less long, then a QQQ short was the best choice among USA mains - the only one under the DecP. This is in addition to the ES futures hedge I mentioned yesterday as a liquid vehicle for the pros at funds. Yesterday's SPY Daily comment also said be ready to add hedges on weakness below weekly or daily pivots.

Due to XIV move from YR1 area, chances now have increased that we just saw a more important high. I would have preferred it to occur on more bullish sentiment. It could also be a totally textbook working off of overbought conditions with a move back up towards highs in the near future. We'll see what happens.

Regardless, much better to own current leaders IWM, DIA and XLF over prior leaders QQQ and EWZ.

SPY, QQQ and XIV below.

PS - Due to election night, Dec pivots on futures are much different than cash indexes and ETFs. More on that this weekend.