Not much change to pivot status but weak bounce for stocks does not look good. VIX and XIV in particular sounding alarm in a way they haven't in a while. VIX above monthly pivot and clear lift-off; while 2/28 was a fake-out we haven't seen another bar like this since 10/28/16 which was not. That said, 10/28 was a lift above both quarterly and monthly pivots, and here we have just monthly.

I think things will get interesting in Q2 because several asset classes will likely test quarterly levels, which we haven't seen on most USA main indexes since early November. For now, putting on SPY hedge again for 9 longs, 2 short hedges and 70% net.

SPY and VIX below.