The S&P 500 ETF (SPY) just flashed a down arrow on its hourly price chart. The PRO portfolio is already holding the IWM May 21st $215P, and the Premium Service Portfolio is holding QQQ Jun $315P. This confirmation of a new down trend adds SPY to the short-term bearish column along with IWM and QQQ. The Dow often is the last index to top-out before a major reversal down. It doesn't require a turn down now, but its one more box being checked for establishing a short position via index puts. Any new positions should go out to Jun expiration. SPY's ATR chart turned bearish late last week and today the SPY has broken below its 200 period EMA, another box being checked in front of a larger decline.
