If you consider TLT and GLD to be safe havens (as I do) that are typically inversely correlated with risk, and if you consider volatility in currencies and rates a precursor or frequently correlated with volatility in equities, then it is difficult to understand the resilience of the USA main indexes today.

SPY, QQQ and VTI each the third trading day in a row holding their SepPs. IWM also held SepP, yet had a fractional break of its Q3P. DIA has surrendered its leadership status that it enjoyed from late July; under SepP each day this month so far. Still, 3 of 5 above all pivots, 1 almost above all pivots, and only 1 really below a monthly pivot only. Not so bad.

VIX - which I often prefer to rely on - is siding with stocks. XIV, which has also been a fantastic tell in many critical areas, shows some bearish concern compared to VIX by being under its SepP (VIX below SepP).

Bottom line here is I think stocks should be lower. Whether or not that happens, the easier money was long safe havens especially the metals which were highlighted here before the big breakout up.

SPY, ESZ, TLT, GLD below. If SPY breaks its SepP at 246.07 (ESZ 2456), and/or VIX jumps above 12.28 again, then I think the sell-off will be ON.