We have hit a top in what is either an extended 3rd wave to 2.618 extension or a wave 5 and are now setting up for a big down move. Whichever is the case I think we will see the 1650 area on the S&P500 tested soon. There has been strong divergence in MACD since the end of a possible 1.618 3rd wave, which is typical for a 5th wave scenario. You also have the RSI making deeper lows this year. With the end of QE here, IWM rolling over, Credit moving lower and making lower highs I think all the signs of a correction are evident. Any big moves will be exacerbated by the high margin debt and lack of high quality collateral available (treasuries) which will drive demand for UST higher or more liquidations.