This is a very telling sign that the current short term trend has switched sides. Bears are in control now from a technical analysis standpoint. From a theoretical standpoint, very simply put, the central banks will have to start pumping the brakes on quantitative easing unless they want inflation running out of control: it is already much higher than the metrics are showing since they don't take into account the most volatile items like food. True inflation is already going to break the consumer if it remains this high for an extended period of time.
Comment:
The significant reversal was confirmed with the test of the previously broken ascending channel. Very good entry for continued shorts as momentum picks up to the downside
