Several JunR1s in play: SPY, DIA, QQQ, IWM and VTI. SPY and VTI remain a bit above, but DIA, QQQ and IWM all look like resistance. VIX and XIV are fine so whether this is a turn or just another pause is tough to say. Also, a full analysis looks at futures, and current contract ES Jun R1 near exact on the high. This means the SPY hold is not as definitive as if all variations of the index were above the level.

Still, given look of XIV, think better to reduce exposure and going with main index laggard IWM, 2 units short, valid below JunR1.

A more active hedge fund style could be short oil & XLE, with oil current contract and USO both back under all pivots as of 5/25. Not so many asset classes under all pivots. But I am not counting this as an official recommendation since I didn't mention it at the time.

SHComp is testing its YP area again, and that could be watched for a potential short.

SPY, ES M, IWM, SHComp and XIV below.