Last week the market closed down for the second week in a row.  The S&P 500 lost -0.43%, the Nasdaq Composite slipped -0.59%, and the Dow gave up -1.14%. The S&P has fallen -3.8% off the January highs. January had the market's worst monthly performance since May 2012. This is not a good sign for the bulls, especially since we're headed into February, historically one of the 3 worst performing months of the year. 

The market traded sideways for the last 4 days of the week; two of the days were bearish sell off days, so the market appears to be experiencing continued selling at these lower levels near the 50 EMA. This coming week will likely have a key test of the 10 SMA, and rejection there would increase the chances for a deeper correction. 

The S&P 500 is below its daily 50 EMA, and it is 5.6% above its "weekly" 50 EMA. There is potential for a 10% correction in the works. The key will be how price reacts at the 10SMA/50EMA test that should occur this week. Weak up volume on up days makes a further decline more likely.