The S&P was at 2062 at the time of the FOMC statement. Obviously the S&P had a dramatic rally subsequent to the release. So if the S&P drops below the 2062 level, that would be a clear sign of weakness. The market has been giving off negative signals with the blow off top in biotech on Friday and the marked weakness in semiconductors over the past several weeks. Today's selloff makes more sense than the previous couple days given the weak durable goods data released today. I view the fact that the market could not rally to a new all-time high following the FOMC as another negative signal. The S&P reach 2115 and the all-time high is 2120. Energy looks like the only safe place to be long right now given the recent USD weakness. This is ironic given the fact that energy is the sector which broke down first in the second half of last year.