Trannies (represented here by the ETF) were holding under 62 resistance and a break-out through that level would have been very bullish. Instead today Trannies pulled away and broke down. This is the most bearish action we've seen in a while and think that the up-side now has been capped. The break-out level on the SPX that was touched on late last week (and which seemed questionable) now seems to be a distant memory.