Coming Around the Mountain in a Dangerous Market

Headed into the final hour of trading, here is a quick update to that SPY 30-minute chart rising channel breakdown we have been tracking. 

Buyers failed to build on this morning's strength, for now, and small caps are pushing session lows as I write this.

We do have NFLX earnings tonight after the bell, which should be fireworks one way or the other. Biotechs bounced back today, though still have many technical issues to fix. And gold miners are soaring, bit GDXJ is closing in a big level, which I will discuss for Members in the full-length recap tonight. 

But as long as SPY holds under the highlighted channel, below $201, I expect choppy waters, at a minimum.