SPY plummets as market makers take profits.

SPY spent most of the day trading above its normal upward trajectory trendline. This is an alarming place for a stock to be in.

• Stocks growing at faster and faster rates sets the stage for a painful retracement.
  
• Market makers took advantage of high growth and sold large positions taking profits off the table.
  
• This sell off may trigger more selling by retailers that have gotten spooked by the sudden drop
  
• Stop losses may get triggered prompting more selling.
  
• I expect to see a couple more selling momentum candles atleast as a reaction to this move.
  

Still this may not trigger a larger trend of bearish sentiment, but if any other bad news comes during this short period of downward pressure, it could lead to more pain ahead.