![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjbjJO8Fx9h7tm8Su9R3kMMnOPM2BYOEXD7DWIgVGHSynqhyphenhyphen1Yr0GooOkIUqjN0_pIahpnr7a08cybK891lIvKxJ9nKV2OCbO6Bx5i1Cj8M2Z598mAUz-GDGFW_a_KFJWhEelH8UGXlxB4/s400/SPY+DMAs.jpg)
Also, major volume into the last minute of sell off and continuing after close (going from cumulative below average to well above): Merrill and Susqehanna trading 1 million SPY share blocks after close independently.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjTk_pz0QuWtaMdvhEvNDdr2f2qIAYMHAHmUJ4u9-QEahGL4deqAztV5USBs7KF6kzef4GbNRftsbrp_VPjZQg3Qsls0aUK4mIOtm-GI576KwtmkJJp9heEe-i1vrF1UL0JhthZid3Wr1w/s400/SPY+6.22.09.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjqwaBmLZRC-zWUC3m2tWinLt3MA6cOf-TFMgN799w0V2htYRwDBaVLKp5ivvsb1jg_J0xTa-eonJhZKDYnGISd497f2Egm9mQd2jgo2DJdo6yfGO0VQntWC3qDLzLpfzeTZC2eNCUrlYw/s400/SPY+2.6.22.09.jpg)
"ON A LONG ENOUGH TIMELINE, THE SURVIVAL RATE FOR EVERYONE DROPS TO ZERO"