The SPY TrendX turned negative at yesterday’s close…a timely clue for today’s downturn. TrendX has now crossed over the zero line (updated at mid day today) and we’ve only seen one instance in the last 6 months when this cross didn’t extend down to -3 levels…typically reflected in -200 point moves. VIX has popped up 16% today while the NYAD has flatlined at .12….distinctly bearish. Most of the indices are riding the S2 pivot, but beware the trap door opening in the afternoon session. As ZeroHedge mentioned, the recent volatility pattern has been morning weakness followed by afternoon strength and it will be instructive to see whether that pattern follows through today.