The daily chart for Bank of America (BAC) captures the anxiety that many fund managers have about the deteriorating appetites of previously robust US consumers.

The S&P 500 futures index has now closed below a key trend line. There is a strong likelihood, in Clive Corcoran's estimation, that 1280 now needs to be robustly tested.

There are cross currents in the markets that Clive Corcoran follows which are suggesting that today’s action during the North American session could be erratic and directionless.

Global equities are now coming under considerable pressure as asset managers are preferring to "hide out" in global government bonds rather than take on more risky assets.

The bipolarity which characterizes the new normal in investing encourages Clive Corcoran to sell rallies in equities rather than hold long positions overnight.

The continuing weak economic data coming out of the US is actually supportive of higher equity prices, and the S&P 500 futures have made quite significant progress since the close of North American trading last Friday.

1325 is now a technically significant level for the S&P 500 futures.

The daily chart for AGG, an ETF which tracks investment grade corporate bonds, is revealing negative divergences close to a multi-period high.

The risks from another financial accident in the Eurozone remain high, so outright long positions in US equities are not on Clive Corcoran's agenda for the time being.

DBC, a sector fund tracking overall commodity prices, shows that bearish flag/pullback patterns are in evidence, which translates into an overall trading stance of seeing all rallies as opportunities to build new short positions.