S&P internals and momentum show waekness These both divergences show short term weakness in the S&P 500
This does not mean that there are opportunities out there, european markets are showing strength
Even some S&P sectors still have good relative strength: AMEX:XSW AMEX:XLY AMEX:XLC
But commodities are even better, just see AMEX:DBA making new 52-week highs