Per the recent Total market view, I was tending to think of last week as a one day bear wonder but so far this is off. SPX broke its YR1, and VIX closed above its MP. This means less risk-on is appropriate.

Short term charts are in areas that would typically bounce, so I'm not talking about anything drastic. However, SPX below its YR1 with VIX above a monthly pivot means that SPX may test its MP as well.

The Total market view mentioned DJI DIA as a hedging vehicle given strength of DXY and DIA move from QR1. INDA was a nice pick just off its YP but has given back a lot of gains due to currency; it is currently testing MP HP combo which needs to hold to stay in the position. Similarly, XLF had break of D200MA and fractional break of HP - so this would not be happening in a one day bear wonder scenario.

In other news, CL rallied massively to hold its HP so I think this is worth keeping an eye on.

SPX and VIX below.