Strangely (and stranger and stranger) the SPX has not broken yet.  In the INDU (previous letter) the break appears (though waiting further action for confirmation).  But the neckline of the little H&S formation is holding the SPX price.  The short term trendline is broken, the 200 day moving average hovers overhead like a buzzard in the Sahara and there is a clear (if anomalous) pattern of lower highs and lower lows.  The narrow ranges promise some volatility next week.

The Qs also show the same patterns.  While there is some ambiguity here (SPX vs INDU) the SPX has been stronger all along.  Probably more denial going on there.  As readers know we are already short having seen several signals in the INDU.

We are waiting patiently for the Brinks truck to deliver our winnings.