US Equities under pressure. SP500 in more trouble

The following top charts show the SP500 daily 2000 - 2011, with the lower of the top 2 charts showing the 14 Day RSI of the 50 week daily Simple Moving Average (I know its a derivative of a derivative, but its one I have found incredibly powerful over the years).

Since 2000 this has worked quite well as non-confirmation signal on 3 occasions, highlighted by the yellow circles (twice at highs and once at a low). Statistically this is not of course significant, however, I can not help thinking that this is a potential big warning flag of at minimum a big correction and possibly a more significant market turn.

The significance of this is all the greater when seen in context of the weekly price action (Bottom Chart), which last week produced a strong bearish candle 'Dark Cloud Cover' very similar in many respectcs to its slightly bigger brother 'The Bearish Engulfing Candle'. In addition momentum is diverging in a strong bearish way on weekly RSI and MACD. I think a weak close tomorrow could be pretty damaging, though it would need a sustained move below 1325/1330 to avoid a scenario of further sideways with possibly new highs still on the cards eventually.