... there are sectors that have declined 20% or closing in on that, the market internals continue to deteriorate.

I was looking at the Semiconductor sector and companies like INTC, MU, QCOM, SNDK and CY are already in bear market territory.  TXN is down some 15%.  Then there is the Transportation sector which already is in deep bear market territory.  HPQ doing terrible while MSFT holding up OK.  WDC also in heavy decline, > 20%.  In general the PC sector is mired in a revenue slump.

A lot of divergences too, Banking sector is doing OK, especially investment banking.  Some retailers like TGT and M are doing well, while WMT is struggling. GPS has been all over the place in the past year.

VG Sector doing quite well. Manufacturing getting hit by the dollar and a general slowdown in Europe and Asia.

Gives me the impression that we will finally see a big downturn in the market sometime this summer time, maybe late summer.