This channel continues to hold up amazingly well. Check it out for yourself. I posted it on Twitter this morning before the price rejection ever took hold. 

But it iw worth recognizing the fact that SPY has three – count them, THREE! lower highs on the 30 minute chart that cannot go unnoticed at this point. 

And the Nasdaq signaled such a move off of the channel when it continued to sell-off despite teh Dow reaching new all time highs.