The Shorts Bit

Here you can see the shorts took the bait and in some size so Wall St. has what they wanted and needed, as usual the 5 min 50-bar played a role.

 SPY 5 min 50 bar average, volume picks up below the average-AGAIN! TECHNICAL TRADERS ARE TOO PREDICTABLE, THANKFULLY.

Also look at the NYSE TICK, we haven't seen readings like this in a while, -1500, that's a lot of downside activity, I'd watch this 1 min intraday TICK chart with trend lines and look for a break above the channel, that may signify a reversal.