Stocks saw elevated volume and volatility last week, and the 100-day simple moving average on the S&P 500 proved to be the proverbial line-in-the-sand for bullish investors.

Stock market bulls made a valiant effort to fight off another looming correction last week. The economy is showing strong signs of recovery, the Fed remains confident enough to continue its stimulus tapering, and attractive alternative investments to the U.S. stock market seem scarce.

The technical picture and our fundamentals-based sector rankings have both taken a bearish turn, so we might see more weakness ahead

Stocks continue to consolidate just under their prior high, which is offering formidable resistance.