In this post last week, I had highlighted how plunges in the 5-day exponential moving average on the volume for the SPY to certain levels has been a fairly accurate timing indicator to signal impending corrections. I was asked today to update that chart, which I have done below although for simplicity, I removed the orange line & the corrections that were triggered when it was hit. We now have the 5-day volume ema reaching the red line for the first time since November 28th of last year. Following that previous sell signal, the SPY peaked 5 trading sessions later & fell nearly 5% over the next 7 trading sessions. As noted on this updated chart below, we now have our first tag of the red-line so far this year. Any half-decent correction is likely to cause a break below the bearish rising wedge pattern, triggering a potentially powerful sell signal.