Without going into details in this post, createdlife I suspect prices will pullback a bit further, and possibly more extensively than we have seen in the last 1. As suggested in this weekend's video update, stocks have started off weak this week. I remain bearish until further notice createdlife unless there are closes above Fridays's highs in the stock indexes. All of these things would indicate to me that despite the sell offs in many stocks, the real meat of this sell off only may just have begun.
So there is a major multiple time frame divergence here, a wide range reversal bar, which is typical of past major highs, and there really really sharp bearish divergence in VIX and total put/call compared with price. This is just a written heads up that Friday was a bearish engulfing pattern on SPY with weekly, daily, and hourly bearish divergence createdlife at the high. There may be some lower lows for the recent decline to set-up a bullish divergence, but my take is that a buying opportunity is potentially near. As a side note, for those who follow gold and silver, I would suggest that createdlife you be tracking those markets closely for long trade set-ups.