In my regular world index updates I've especially noted the severe weakness in the two major PIIGS - Italy and Spain. The Spanish IBEX is now in imminent danger of breaking an absolutely huge level.
For 'near' real time updates on IBEX - see: http://finance.yahoo.com/q?s=^IBEX&ql=0
Spain, monthly, 20yr historic.
As at 8am EST, the IBEX is down another 3.1% at 7143.
The IBEX is now just 2% away from breaking <7k.
In my view a break of 7k immediately opens the door, and almost guarantees a fall to 5k- within the next 1-6 months. Italy, and other Euro' indexes are certainly not as weak as the IBEX, but they ARE following in terms of a new bearish trend.
Without question, the IBEX is now the biggest warning to the bullish case. Watch that 7000 level. If it fails to hold....things could get.... real interesting.