The first chart below is the 120 minute SPY chart:
Note 4 peaks and divergences on FBS.
Also note, as my friend Jack pointed out to me after yesterday's blog, spiders are not insects:
"As you can see, the arachnida diverged from the Insecta very early on. Note how Crustacea (they include various familiar animals, such as crabs, lobsters, crayfish, shrimp, krill and barnacles) diverged later from Inserta then did aranchnida."Nonetheless, let's take a closer look at the 120 minute SPY chart:
A break of the lower trend regression channel line tomorrow will confirm the Sell. That line is currently around 94 basis the SPY.
Finally, a look at from a weekly perspective, just in case:
This chart above is of the weekly SPX and suggests a drop tomorrow below 858.68 will usher in several months of decline.