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I heard a lot of talk yesterday about the hanging man candles on the daily and monthly charts. To say that November, and the first few days of this month will be important for those bearishly inclined is likely a large understatement. What can I say? That candle is just staring back at me, waiting for Monday to open. It needs confirmation. What do we know for sure. There has been substantial distribution in SPY. You see the large uptrend in volume as SPY was declining in Sept/Oct, and the downtrend in volume as SPY was rising in the second half of the month. There was no huge spike in volume even as "QE-Weimer" was announced by the BOJ. So, we've got a double top on the SPY, a break of the long term trendline coming off the 2009 low, showing the trend is weakening, and distribution, a spike in the VIX to the 30's showing those holding longs are wanting protection, the short interest in the VIX has evaporated as the Fed has exited QE, and the volume spike in SPY during Oct was the largest since 2011.