As if the weight of the market momentum were not heavy enough here are gaps in the S&P. Somewhat rare if we remember, but we don’t watch the S&P that closely. We regard it as a further bearish sign.
Same pattern and volume as the Dow. Note the note pointing out that there is no recovery. About that time a bunch of technicians were trying to see a Kilroy (H&S) bottom setting up in the S&P. We often caution our graduate students against seeing bunnies and other phantasms in the clouds.