SPY Update

The SPY is approaching a 1-min leading negative divergence, the 5 min is pretty much in a light leading negative divergence. The DIA's 5 min 3C is in an unbelievably low position. The Q's are in a bad relative divergence.

Still, the derivative ETFs look worse.

The fact the SPY hit $112.95 is good for our bearish scenario as that is the region in which the Inverse H&S bottom's neckline is, depending on who draws the trend line. There was no appreciable pickup in volume, so it doesn't appear (if we didn't have 3C) that volume analysis would suggest anyone other then retail and light at that, is chasing this.

Remember that the example chart I showed you of what the reversal could/should look like started with a big gap up and ended the day significantly lower.