This monthly chart illustrates correlation between SPX and . SPX has been in upward channel. End of one round of seems to bring out weakness in . Back in Oct 2014, QE3 was officially ended, and on the chart it shows up as a hangman candle showing the market's vulnerability to go down half of the channel. Starting 2015, we have the and then following by red down candle. If there is another down candle, we will have a confirmed .