SPY having a hard time

This chart of the Yen/SPY shows the SPY is having a hard time as the Yen opened the door and gave the SPY the all-clear.

All 4 averages have started seeing distribution as well, this is the start of the process, not a signal in itself, but it is the next thing we were looking for in the chain of events and its there across the board.

 The Yen in green gave the SPY plenty of breathing room to make its move, it's not making it so far.

I'm wondering if sellers are just overwhelming the attempted breakout-remember the last WSJ article by F_E_D mouthpiece, Hilsenrath that made clear the F_E_D would be backing out of QE wasn't published until after the close Friday.

We also have the Thursday move toward's Friday's op-ex pin that could be an issue, but I suspect some fear of what Hilsenrath may put out after the close may be in play.

The market will ALWAYS front run the F_ED, that means they will have cleared out and we'll be in decline BEFORE the F_E_D starts withdrawing the punchbowl, the thing is no one knows when that is. With QE1 and 2 the market sold off before the end of the program which was known in advance and the market hates not knowing.

SPY struggling...

SPY intraday divergence on the break out attempt already started.

As for the better performing IWM...

Distribution, it may lose its foot hold.

If so, we may see the same HYG effect, selling before its time, that's real FEAR.