Most of the market was quite resilient today considering the move in TLT and GLD. VIX somehow stayed under its 12.28 critical level, and XIV held Q3P. Note to file though - another great tell on Friday by XIV by refusing to join USA main indexes above all pivots and VIX below all pivots. This was one of the reasons to not go fully long cited in the most recent Total market view.

SPY closed within .01 of its SepP; QQQ held, DIA broke, IWM held, and VTI held. Not bad! But TLT is screaming here with a major league hold of its YP. Major indexes look like a high test is in place, futures rollover on the way, and two of the world's craziest leaders are having a nuclear pissing contest. Erring on side of less risk despite the VIX move.

Interestingly, oil jumped above its SepP and Q3P, but faced resistance at its 2HP. It would be a very funny move for markets to see bond yields down, VIX up, oil up, and global indexes and USA tech down.

SPY, VIX, XIV and TLT below.