What an interesting day. Markets continued melt up, with DIA closing fractionally above 1HR1 and QQQ just soaring above its YR1 (!) with no pause at all. Thus far, the long term levels in play on 4 of 5 USA main indexes have resolved in the most bullish fashion - straight through without even a day of pause!

Yet VIX, XIV and GLD are saying something a bit different, especially VIX. While VIX still is below all pivots, this kind of move up as indexes were all higher is rare.

In addition, SPY (and other stock index) RSIs across timeframes are in quite stretched territory. I'll do more work on this idea over the weekend on the blog.

Yet despite my concerns, I'm leaving portfolio 100% long without adjustment (last adjustment 2/3, back to 100% long). If reduction then likely RSX first to go.

SPY, VIX, XIV and GLD below.