Today's action gave a slight edge to the bears.

SPY held FebR3 as support which is bullish, and DIA higher. But QQQ was rejected from 1HR2, a significant long term resistance level, along with Q1R3; IWM was a bit weaker; and NYA/VTI saw selling from monthly resistance as well.

VIX stayed clearly under FebP which is bullish. But XIV was lower, TLT reclaimed its monthly pivot, and GLD jumped.

A stock shakeout in the near future would be the more typical move for stock indexes. That doesn't mean we have seen the major top yet.

I am reluctant to reduce longs as this has cost gains in 2017 thus far. With 3 of 4 safe havens showing some caution for stocks, this is a consideration. Though I have written of out-performance of semiconductors for nearly a year, SMH might be a candidate to take gains. I will wait another day before any adjustments.

SPY, QQQ and VIX below.