S&P 500 looking messy in the short-term, signs of longer term problems

The daily chart for the S&P 500 looks fairly dismal, all that work to get above 1900 only to see it taken out in less than a week. The increase in volume and volatility in the last few weeks certainly point to more difficulties ahead. RSI is still low and the MACD is still heading down. Is this going to be the big correction many have been waiting for? Let's look to the weekly chart.

The weekly chart does not look so bad, sure there has been a break in the recent trend, sure there has been a string of four negative weeks......oh maybe it does look bad. Hold off on purchases of new investments, the direction is negative, it is that time of year when weakness tends to come into the markets. Strong support will appear at the 1520 - 1570 level, around the peaks of the last two bull markets in 2000 and 2007. For those with a more adventurous appetite, take a short position on the market.