Due to movement structure, RSIs, pivots and VIX, I think we will probably see FebS1s instead of R1s on USA main indexes. But I didn't aggressively exit last week and instead decided to reduce if pivots proved my medium term bearish bias correct.

SPY and VTI holding FebPs thus far, though ES breaking after hours. DIA & IWM fractionally below FebPs. Tech and sector SMH still the USA leaders this year.

VIX looks ready to move significantly higher.

Hopefully I won't get chopped up as with IWM last month, but I'd rather be less long here. Taking 2 DIA gains off leaves 70%. Seems right. With all USA mains above Q1Ps, 1HPs and YPs, I think the lowest exposure should be 50%.

In spite of my bearish opinion of gold (why have the hassle of bullion when there is bitcoin?), I am forced to admit that GLD looks like a decent buy setup with a lift off from the YP and Q1P combo and a rising D20MA helping out. I am not counting this in the exposure system however.

SPY, ES, DIA and GLD below.