Let's see if I can post a chart, now that I have a new computer running Edge in Windows 10:
Yay! Now I can post charts on my blog again!
So, as of this sec, SPY has broken thru its EMA(10), which was support twice in December. Again, rule of threes.
MACD is way high, and is about to trigger down.
RSI was way high for a month, but is now back below 70.
And everyone knows this. And also everyone knows that the market needs to correct. And also everyone with half a brain knows that Trump's tax breaks, on an earnings basis, were already baked into the market 10 times over back in the fall, thus this market has zero support.
And we know everyone knows this, cos I mean just look at $VIX:
Everyone's been buying downside protection since the start of January, because they knew things wouldn't hold. Hell, even $TRAN was telegraphing a change for the past week.
So everyone should sell like the fear of god is in them, and I'd not be surprised if the Bollinger mean didn't provide more than just intraday support in the next week.