My system has generally moved lower over the last six trading days to +1325 today. I have been sick with the flu but the market has not had the same issue. So far the peak in my system for the S&P 500 was on Jan. 29th, for the S&P 400 was on Jan. 25th, and the S&P 600 was on Jan. 11th. Once my system moves below +1000, we can start talking about the possibility of divergences or worse. It remains to be seen whether the sell-off in Spain and Italy is a canary in a coal mine. If they can recover to new highs, then it was a mere blip. But any continued pressure on those indices could pose a problem for the overall market rally in the short-term.