This Broken Trading Range May Spell Major Correction

Over the last few days I warned that the trading range on the markets had the potential to break lower. Today it may have begun. If we do infact close below $215.75 on the SPDR S&P 500 ETF Trust(NYSEARCA:SPY) we would see a failure of a bull flag pattern. The failure level on the IWM is a daily close below $119.00. Failure of a bull flag at all-time highs carries serious consequences. A failed pattern usually results in a major move in the opposite direction. In the face of all-time highs it can be even more epic. It is possible we could even be looking at a 10% market correction.

This Broken Trading Range May Spell Major Correction