Mission Accomplished?

OK, they got price into the bear flag, because we see two 3C positive divergences on the 1 min chart (market makers), I'm assuming this is not random price action, but rather a bit of manipulation. You can now see the two red negative divergences and 3C is a bit more clear as we've had an hour of a trend rather then the see-saw up and down inside the bear flag.

You'll want to watch volume in reference to price moving down. The biggest volume spike of the day was at 2:15, 2 minutes later we saw the start of the reversal of that small uptrend into the flag. I'd think that this will lead to a pretty fast sell-off once the longs start selling losses-(this is relative when I say "fast" as we are looking at a one minute chart, but it has to start somewhere).

Any way, keep an eye on volume and price-$110 on the SPY is going to be a psychologically important area and it's bound to have all kinds of orders on the books there as it's a whole number. I'd think any real volume spikes and acceleration of a downside move would occur under $110 SPY.