Although indexes started red and VIX higher, VXX could not clear its JulS1, main index leader IWM held its WP and then the rally was on. Midday SPX and NDX reclaimed their WPs and finished above.

Overnight looking good to reach target areas so it will be an interesting decision tomorrow. Hold for higher, hedge out or take gains?

Let's take it case by case - if RUT has any chance of clearing YR2 it would be better to hold. NDX also has room to go to YR2. SPX QR1 YR1 2822-2830 has been the target area I have been pointing to for weeks, and I don't think it will power straight through it. This is especially the case if VIX remains above its YP. If VIX YP crumbles, it might be better to hold all longs for more gains.

SPX and VIX below.