Recall that today is a quad witch in the options expiration, which typically bring a great deal of market manipulation in the days preceding.
The rally failed at 800 resistance, which would the neckline of an inverse H&S bottom, and the answer to bully's prayers.
Since the economy is not recovering six months ago, we expect that failure to stick and a new leg down to precipitate. This setup is easier to see on the second chart which is The Big Picture.
As always, we will wait for confirmation of this breakdown before taking positions of size. However the trend of our hedges has shifted to the short side at the second failure at 800 on the hourly charts.
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994