The soaring eagle in the chart is the Italian 10 year bonds that is the talk of the town today. Let it cool down, wait few days and then buy the US market - that is the strategy for the Intermediate term. Meanwhile, you can play ping pong between ranges in the market. I reckon the low for the market in the short term is not in. You should be selling strength, as in today morning, on rallies. The lower line is the German 10 year Bonds. The closer line to SPY is JNK, short for Junk bonds.