Yesterday, the Semi-conductor Holders, SMH, gave a series of non-confirmations to the successive highs made by the S&P, symbol ES. That triggered a steep sell-off lasting the rest of the day. Today, the SMH did it again, but this time in the other direction, failing to confirm a series of new lows made by the ES. Coupled with two other critical elements of an Event Concept, this Serial Divergence put the finishing touches on a setup worth 14 large in the mini-S&P and nearly 120 in the mini-Dow. Study Serial Divergence, and two other noteworthy types of divergence called Two-Frame Divergence and SPeed Divergence in the course Pivots, Patterns and Self Recognition.