Odd day. DIA continuing to soar above levels and if we keep that as main reference - which would have been correct as strategy in Q4 - there is really no problem. However, SPY tagged Q4R2 along with NovR3 and looks somewhat toppy, and more important, NDX/QQQ testing YR3.

From 11/29 Daily comment: "Interestingly, QQQ fell back under YR3. Given the current look of most indexes and safe havens I think some bounce is likely into the end of the week, but I also think YR3 will remain as resistance for a bit further. A bounce towards that level could set up a great r/r short hedge."

And that is how it has played out. I don't know the reward, but the trade has very tight risk agains the YR3 level on NDX/QQQ combined. Still holding SMH and FXI hedges. This reduces overall exposure - all trends are up, but the cost of this position is minimal if wrong, and potentially significant rewards if right.

Hard to read too much into VIX - above its NovP which vanishes tomorrow, and clear resistance at Q4P.

SPY, NDX, QQQ and VIX below.