Today’s rip was simply an extension of the anticipated bounce off the 219.17ish support level that was forecasted back on Nov 30th (first chart below) before SPY even broke down from the channel (which it did as also predicted just after that Nov 30th post). While I underestimated the scope of this bounce in my earlier scenario, this backtest of the uptrend line couple with the negative divergences on this 60-minute time frame makes this a very objective level to short to SPY with a stop place somewhat (~1%) above on a 60-minute closing basis. This is not an official trade, merely pointing out a potential trading opp for those interested.