The chart in the S&P shows what is known as a "key reversal". Because it looks somewhat like a key, and it is often a key indicator of a reversal in trend. I also include the GLD gold chart with the same type of technical action, as well as some other stocks that are showing promise.
If it seems like I reverse myself often, that is because I do. I went into today short the stock indexes, took a profit midday, and have initiated a small short position in gold (GLL) and silver (SLV). As well as small postions in short bonds (TBT again!) and small longs in CLF and DAG.
AS a possible short I am more encouraged by the action in gold than silver, and it is a top picking exercise, but I will have a tight stop on the trade.
Although the banks have been in a long downtrend, I don't see any panic selling in some of them, and these in particular show some signs of accumulation.