Market outlook : S&P 500 10-year weekly chart (4 May 2014)

I can't really imagine a much more bearish scenario for equities right now. Weekly negative divergences. Defensive groups outperforming by a wide margin year-to-date. Money flowing INTO treasuries. Historical weakness fast approaching. Banks obliterated in April on a relative basis. Volume trends awful over the past couple months. Topping head & shoulders patterns popping up everywhere. Huge underperformance by both the NASDAQ and Russell 2000 over the past 5-6 weeks. The list goes on and on.