Watch an actual long-only stock portfolios hedging system.

 The trend is up, no hedges on.

The market changed behaviour at the start of the day on Tuesday as volume and price action dried up suggesting there are no buyers at this level right now. Maybe China negotiations that are due to be completed March 1st or the possibility the President Trump will add another tariff to imported Chinese goods could be holding back the market. That or just resistance at a prior high area on the S&P-500

CME Fed Futures Rate Hike Odds

'The CME Fed Futures puts the greatest odds all the way out to January 2020 that interest rates will remain the same, though there are also odds that when rates do move, they will move lower, as futures puts 22.6% odds this will happen by January 2020, vs 0.8% odds of a hike by the same month. Odds prior to Thursday’s retail sales data were about even between a hike and a drop in rates.' 

SPY now

The trend is up, no hedges.