Put up or shut up time for the bulls...

Tonight could get ugly. The multiple hourly closes under  the /es 1632.50 level should spell trouble. Not to mention the equity p/c ratio closed at a level that begs for a large gap down opening. If the market is going to break down the variety of indicators, divergences and long term charts are saying that there may not a better time all year than now.

I will monitor the markets closely tonight.  If 1632 is not re-captured on a hourly closing basis, the futures should start to slide lower. As long as the Nikkei doesn't close above the blue internal trend line I think it will drift lower in sympathy with the U.S. markets.

200% Short /ES @ 1631/Short /NKD @ 13450