We appear to have a 'rolling top' with broad based weakening analytics and cascading warning signals. This behavior is often seen near major tops. The Friday 01-28-11 sell-off is the initiation of a short term correction and consolidation before we put in a final new high as part of this final topping formation and long term right shoulder construction pattern.
The market action since March 2009 is a bear market counter rally that will end with a classic ending diagonal pattern. The Bear Market which started in 2000 will resume in full force by the spring of 2011.
Weakening Breadth - 10 DMA A/D Line versus NYSE, NDX and Russell 2000 price.
Rising Termination Wedge pattern in the Industrials and S&P 500 since the July 2010 lows.