US market - what Smart Money is doing today

Periodically I present one of the most important aspects of market action, i.e. what the so called Smart Money does. Smart Money, which means big, experienced investors, is always right. The only problem is timing - it can take months when, at last, we see the effects of the behaviour of these investors. Let's look at the chart:

                                                                                source: Proste Dywagacje

As you can see, Smart Money distribution phase has lasted nearly one year (it started July last year). During that time S&P 500 has been marching up and up, fuelled by media - driven optimistic news, high sentiment readings, FED action...name it as you want. But Smart Money does what it does - sells, no matter how brilliantly the future looks.
What's more - that selling means not only the usual correction but something much bigger.