Despite the rise in the S&P 500 on Tuesday the banks (BKX) fell over 3%. Historically when the banks have fallen sharply while the S&P has risen, it has often been followed by weakness in the S&P. Below is a study that exemplifies this.

(click table to enlarge)

Both the low winning percentages and the fact that losers were larger than winners suggest a downside edge over the next 1-5 days.