A 'by the book' Correction so far for the S&P500.

S&P500 Daily Chart @ Close Friday August 15.

So far so good for the Corrective Price Action; the initial Shorts circa 1970 now reset @ 1955 post the 1905 Profit/ take.
Friday's OUTSIDE Down Day in not only the S&P500; but many another index says the downside again should be under pressure come next weeks trade.

Murder on the Orient Express................DAX the culprit!

German DAX: Daily Chart @ Close 08/01/2014

The 1st clue is usually the most important yet quickly forgotten or overlooked.
Germany's DAX scored that 'pesky' Outside Down Day fully 6 Friday's ago (see chart highlight); NEVER to be breached.
That KEY REVERSAL Day was indeed the 1st Clue in the Market Mystery Thriller for fingering the 'killer' of the seemingly never ending 2014 Rally.
Where the DAX goes; can global indices be far behind?

NDX100 & OEX100 both score OUTSIDE Down days: as does the DJIA

NDX100 Daily Chart @ Close 07/15/2014

Notable Reversal: OUTSIDE DOWN Days for the Big Cap Indices, DJIA/ NDX100 & S&P100.
Will it matter?
If it does; then the retrace levels for the NDX100 are highlighted in the chart.

Intraday Record Highs for the Dow Industrials; not so for the NYSE.

NYSE Daily Chart @ Close 07/14/2014

No new highs for the NYSE; earnings season upon the market & summer trade likely to result in further 'churn'....all amid Central Bank discourse on how the post- liquidity party 'hangover' is to be negotiated?
Fried food usually works well; how about 'fried' stocks?

S&P500: Momentum trumping any Technical Signals?

S&P500 Daily Chart @ Close 07/03/2014

No stopping the momentum of the Benchmark S&P500?
Central Bank assurances about 'lower for longer' interest rate settings keeps the Longs 'snug'; the Bears 'patient' & the Neutrals 'frustrated'.
Until a Clear Reversal basis: Weekly Chart is witnessed; the sidelines remains the safest place to be as Summer unfolds & liquidity thins.