Technically the Bear Flag is still in play. Price is approaching the red fork line, and this rally may be just another backtest of a broken Bear Flag.
Not only is this rally taking on an ominous tone, but the warning signs are mounting. Dare I say it...the "C" word....
Small Caps - RUT and Financials - Rifin have been weakening over August and September relative to SPX. In fact, on the last dip these indices tested the level equivalent to 960 SPX. The gap has been widening, and this is a warning to take very seriously.