The main indices (SPY, DIA) have formed a bearish Head and Shoulders pattern over the last several months. Currently trading right near the neckline support area (which is sloped), which is right near the early Jan lows. After that the next support is the Dec low and then the 200 MA.
The charts have been looking toppy for some time, barely making the news highs and then quickly falling back. So a choppy / toppy looking market.
Will be interesting to see if the breakout in Gold will hold, and if the dollar will continue its climb. At this rate the dollar and Euro will be at rough parity by Summer, and from a conspiracy angle that parity might help in the transition to the new SDR system, similar to the currency harmonization process that led up to the establishment of the Euro.