Today is a tough call. 4 of 5 USA main indexes are hanging around under YR1s (RUT/IWM already had made more of a drop). This means we could have just seen a trading top and real pullback is to follow.

That said, VIX dropped back under Q1R1 and XIV held Q1P exact which looks like a decent test. I think this last point is the tell and next move is stock bounce.

Also, new monthly pivots for February - all USA mains will likely open above all pivots. The last day that SPY closed below a monthly pivot was 9/5 (by .01) and before that 8/28.

SPY and XIV below.