Defensive sectors in the US are once resuming/continuing their out-performance of the broader market. The above chart shows that the Utilities/S&P500 ratio is once again moving higher after bouncing off support. A rising ratio here is typically associated with weakness in the averages.
Another relationship that continues to move in a fashion suggesting risk of will continue is Consumer Staples vs S&P500. The Staples are also out performing Consumer Discretionary suggesting fund managers are selling cyclical names and moving in to the safety of the staples.
Couple these moves with breakdowns in global Equity markets, a number of trend breaks and topping patterns in major names and it tells me there is more downside to come in equities before this move has played out.