Looking over some longer term charts, slowing things down and stepping back for a minute, reveals the importance of this March, monthly and end of quarter basis.
The first chart above shows XOM on a quarterly basis for the first time in 30 some years breaking below a well defined upward sloping channel with confirming volume. XOM has to close above 71ish at the end of these next 7 trading days to regain it's composure back inside the channel.
The second chart above shows SPY on a monthly basis breaking below the double top sell signal. Notice the massive rise in selling volume all the way down. Technically speaking, if this is a double top then as we roll back over and down through the lows volume will surge like never seen before. This is based on the basic rule of double tops, which is that the signal only gets trigger on the break of the neck line with along with a surge in volume. SPY needs to close above 76.94 in order to hold above the double top trigger point.
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