Largest SPX (S & P 500, http://stockcharts.com/freecharts/gallery.html?s=spx) Component XOM (Exxon Mobil) Might Have Turned Bearish, see the Daily and Weekly candlestick charts at http://stockcharts.com/freecharts/gallery.html?s=xom. XOM has a short term week+ downtrend, and, the second Weekly View candlestick chart at the link above has a large bearish spike; it looks like XOM might have put in an important Intermediate Term Cycle High at 88.23.
Since XOM is currently about 3.80% of SPX (S & P 500, http://stockcharts.com/freecharts/gallery.html?s=spx), going from an uptrend to a downtrend is a substantial drag on SPX.
Also, other important components have turned bearish, like CSCO (http://stockcharts.com/freecharts/gallery.html?s=csco), MSFT (http://stockcharts.com/freecharts/gallery.html?s=msft), WMT (http://stockcharts.com/freecharts/gallery.html?s=wmt), and, even AAPL (http://stockcharts.com/freecharts/gallery.html?s=aapl) may struggle to exceed it's recent cycle high.
Lastly, the Financials/DJUSFN might have peaked recently, and, therefore, they might be leading to the downside, see http://stockcharts.com/freecharts/gallery.html?s=$djusfn. Ciao
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