SPY cycle phasing http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=3&mn=0&dy=0&i=p61965130573&a=182229063&r=1333909233083 http://stockcharts.com/c-sc/sc?s=SPY&p=D&yr=0&mn=2&dy=0&i=p72265482068&a=229055775&r=1333909713057 Note the relative strength in the OBV, implying underlying strength and probability of fakeout moves. http://stockcharts.com/c-sc/sc?s=SPY&p=10&yr=0&mn=2&dy=10&i=p69129243889&a=257943038&r=1333909829208