The market has been bifurcated over the past week or so, and today these themes just became more dramatically emphasized.

Still in + column
SPX/SPY holding YR1 as support!
DIA and QQQ both positive today
VIX below all pivots, XIV above all pivots and holding 2HR2 as support!
FXI new highs
- Just cannot be too bearish

-s
TLT above all pivots; HYG high 10/23, 2nd break of Q4P 11/1 - cannot say no warning
IWM below NovP each trading day this month, along with YR1 near tag & rejection
INDA one of 2017 leaders got whacked
EEM Q4R1 rejection (second time)
- Too much to ignore

So what will it be? Not sure. Metals made a move Monday, then retreated. In addition to all the usual suspects (USA mains, VIX and XIV), I'll be watching GLD, GDX and SLV. IF they gain strength, the picture for risk is worsened.

It does feel a bit 'different this time' with many of the signatures of pullbacks already in place - some pivots level rejections (not all though), safe haven strength, HYG weakness, RSIs overbought across timeframes, elevated sentiment, new highs already deteriorating and new lows already increasing. But SPX holding above YR1 / 2HR2 combo 2576-82 still looks quite strong.

SPX, SPY, XIV, TLT, IWM, HYG below.