Signs are aplenty that the market is flirting with a major breakdown. The next couple of days should be telling. QQQ was rejected at resistance in the form of both trendline and 50 day MA. QQQ has now completed the right shoulder of a pretty textbook Head and Shoulders pattern.
Small caps (IWM) are threatening to break support. Here is the IWM chart:
Perhaps more telling is the action in Treasuries, where TLT is breaking above resistance.
And finally, Financials may finally be breaking. Both a rising wedge and a Head and Shoulders top are in place as bearish harbingers for XLF. A test of 200 MA (the dashed blue line) should be a pretty big deal as there is a good bit of support around there.