And the Reason Why A False Breakout was Suspected

Frst, t's because that is the market M.O. for reversals, secondly, the 30-60 min 3C charts have been the backbone of the belief we'd see a rally since early June, when that strength started to dissipate, it became clear what was going on. Last night's P.V relationships were astoundingly on point, as I said, "I couldn't make this up".

Here's the formerly very strong 3C 30 min SPY chart.

Note confirmation of higher highs in 3C during the short squeeze, until 7/5 on, 3C since then has weakened significantly.