What an amazing risk-on move. Everything including global stocks powering up, TLT back under all pivots (slightly) and GLD back under YP as VIX approaches the lows of this decade.

SPY above JanR1 and not near any other level
DIA approaching JanR1
QQQ soaring, above 2HR1 and soon reaching Q1R2 (!)
IWM still under JanR1
VTI very healthy, like SPY above JanR1 and not at major resistance

Typically this is not what tops look like. In other words, we should have most USA mains on levels for a significant top. This means higher.

Portfolio is 100% and yesterday I resisted leverage with GLD above its YP. Judgment call to put it on today, but XLF was one of the big winners in Q4 and I took gains on 2/3 of that on the reduction. Paying up a bit but +1 means 110% and if gold recovers YP then we can think what to exit.

SPY below.

PS: For the E-wave folks, this does look like classic W5 from 11/2 lows in process.