SH volume confirms Smart Money is Shorting the S&P
The chart below shows the and have turned a corner with price action on the 4H and divergence is settling in. SH might set another local low but I don't think we are going past our low of October. I see a potential inverted complex developing on the 4h and it looks like if it is there it will take another 2 weeks for SH and SPX to get moving.
Finally, here is SPX on the 3m (1Q) chart and we don't see anything like the same as SH. Why? Most people don't know about inverse ETFs and that you can short the broader market without margin. Either their retirements don't permit them to take those positions or their financial education has a gap. Those that do know showed their hand with the on SH.