The two prior instances this century of negative monthly chart momentum on the S&P 500 preceded large declines, beginning in 2000 and 2007.
The market appears to have respected ye olde weekly chart trend line, with a test last week, and a move below last weeks low a few hours ago.
Tuesday, 13 December 2011
The EUR/USD has broken lower on both time frames that I illustrated on the weekend, though it has held above the October low.
Hourly has broken out of the tight range that held it since early December..
Daily has broken the trend line drawn from the mid 2010 low, but hasn't (yet?) broken below the October low.