The market gods might be punishing me for daring to question Jeff Gundlach's top call on 8/1, which I wrote up here. If it was him alone I would not have thought to comment, but found it odd that a stock bear, a perma-bull and Goldman were all saying the same thing within days of each other. How can they all be right?

The damage: SPX broke its YP, slightly. SPY and ES1 look more like rejections on enough volume to count. Yet 4 of 5 USA main indexes held some other support, and XIV / VIX are right on their monthly pivots.

Sure, if you were max & leveraged long out of the 6/27-28 then 7/5-6 buy areas, you could have reduced somewhat near SPY & ES1 for a low cost hedge. But if you were moderately long, then you have done well, and reducing too fast is not the way to play it.

My take from here: Watch VIX / XIV monthly pivots, then SPY Q3R1 / AugP support, QQQ 2HR1 support, DIA AugP, and NYA AugP. As you can see, plenty of monthly pivot support very nearby. Much better for the bulls if those hold.

Interesting development: TLT down below AugP near AugS1 while GLD/GDX soaring above. These have moved in tandem most of this year.

SPX set below, then VIX & XIV.