This is the main chart that I am watching at the moment. It has all the information on it that I need to see the markets direction. The main drivers on this chart are oil and JNK (junk bonds). As you can see stocks SPX have diverged to the upside while USD/JPY has diverged to the downside. I am watching in particular for the JNK support to break down with oil. It could be that JNK and oil bounce short term off this support. I expect that that everything will reconnect with USD/JPY at some point. It will be interesting to see what happens. You can see that everything else diverged from USD/JPY in mid Feb.