Whoa! In the first hour of trading, XIV broke YR2, GLD lifted above all pivots and XLF broke its MarP. And it took only 30 minutes for IWM to smash through its MarP. The markets did not look back.

If you came into the week prepared to hedge or reduce exposure on weakness, then the first indexes to break pivots were the easy choices - XLF and IWM.

3/19 Total market view Bottom line: "Upside for stocks likely limited, but pullbacks will be bought. This has been the view all of March. Yet portfolio is back to 100% net long via 11 longs and 1 short hedge. If next week plays out more bearish I may reduce to 70-80% long via XLF or other exit, or hedge. If stocks higher then easy to hold current positions. The 1 SPY hedge is valid under the YR1."

3/19 Positioning - "Thoughts from here - Given moves in both stock indexes and safe havens I think index drop is the next move, but this is not something to play heavily since all indexes dropping onto support. Anything not above all pivots is candidate for take (so if IWM drops back down under MarP, that would be a quick out). Anything rejected from major levels or below levels is also a candidate to take gains or hedge."

-1 IWM recent long (only valid above the MarP) was out
-1 XLF, breaking MarP early in the day
-1 FXI hedge for EEM long, FXI YR1 rejection

That makes 9 longs and 2 hedges for 70% net long.

Now what? SPX set MarP is key. Remember, this decline started on the 3/1 top with rejection of major resistance cluster on the SPX set of YR1 / 1HR2 / Q1R2. Given all the months above pivots I would not be surprised to see some S1s. Also, if VIX stays above its MarP tomorrow then trouble is more for real.

SPY, IWM, XLF, EEM, FXI, XIV and VIX below.