One particular issue I take with this analysis is the use of SPY volume. Remember SPY is the ETF for the underlying shares. The analysis will garner much better credibility if it uses primary market volume (combining all of the major exchanges) that S&P500 trades on. The ETF volume may show a far larger speculative volume rather than institutional trading volume
Chart B needs to be observed under bull market circumstance, otherwise you are still holding the assumption that we are in bear market, although bull or bear market right now is still debatable.