Again, the big picture may be the smoking gun

Especially as the leveraged ETF below not only hasn't made a new low, but also because of the compounding effect, these often see movement late in the game before a move. Most interestingly is the confirmation between the non-leveraged intraday volatility futures (VXX) and the leveraged (UVXY) as well as the comparison to the SPY all in the same time frame. These are totally different assets, they trade totally different volume and underlying trade and other than actual price which tends to be inversely correlated (volatility moving opposite the SPY), the signals are exactly the same which there's no reason for whatsoever unless the underlying trade was showing that.

(These are all the same timeframe-30 min which is a strong chart/signal and the exact same dates).

 VXX leading positive

 UVXY leading positive

SPY leading negative


Bonus charts-just because...

 DIA leading negative

QQQ leading negative and at a head fake move as well.