Here is the SPX with the China ETF:FXI overlaid in blue. Note the FXI tends to track the SPX step for step. See last Jan when the FXI was falling from mid Nov to mid Jan and the SPX continued to rally. The SPX plunged 100 points after that into Feb. Then they both tracked together again until April. From early April to early May the FXI was selling off sharply and once again the SPX rallied right into the end of April. And sure enough the SPX sold off sharply into early July. And after that both tracked together again until this Nov. From early Nov the FXI has been selling off sharply again with the SPX rallying to new highs again. So here we are again in the same situation. Just to add to the bearish warning Investors Intelligence just reported that bullish sentiment is at the highest level since Oct 2007. And as a bonus the VIX is at a multi year low,showing an extreme lack of fear. I think its the Boogeyman that's coming to town not Santa Claus,lol............