#VIXindicator That was the worst Upside Warning since 2001, according to my back testing. It fired on Sept 1st, and never went higher. We’ve had false signals more recently, but most of them are canceled in a couple days. This one managed to last 16 days.

Today’s close should fire a Downside Warning, but that signal has been even weaker than the Upside one in last few years. So have we already found the bottom? We are now back to early June levels, which is where the current head & shoulders pattern on the $SPX daily chart began. It’s one of the most classic reversal patterns, so if it holds to tradition we have farther down to go.