Yes, this may have trouble flying to new high, if the market is capped with current level. The Usual suspects for the current weakness is from the Sensitive sectors, Techs, Industrial and Energy. Remember these are important, with 40% weight on SPY and 60% weight on QQQ .
Before i get diverted, The next bull mode in SPX/QQQ the airlines are to be watched for.
Also keep an eye on their as it unfolds. FYI - Earning on LUV is 1/22