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The S&P 500 attempted to break above its high of May 2011 last week and was briefly trading at multi-year highs.  That May 2011 high which is around 1370 for the S&P 500  (red horizontal line in chart) is a very important resistance area.  In technical analysis a previous high point acts like a ceiling and is difficult to get above.  Usually one of two things happen either the market is able to break out above that level of resistance which usually gives it a boost of momentum to carry it up higher.  Or, the market is unable to break above the resistance level and it bounces and goes back down.  It appears after today’s negative move lower that the latter has happened.