I noted last week the Russell 2000 (RUT) potentially having trouble near the 1,000 area, now this week there is another concern out there.
Last week saw 673 buying climaxes, the most since 4/30/10 and a subsequent 17% drop in the SPX. A buying climax occurs when a stock makes a new 52-week high, then closes lower on the week. Large clusters of them can show deterioration under the surface. To see such a large amount last week is definitely a concern to be following.