Such is also the case on the European and Chinese Financials ETFs (compared with their respective country's Major Index), as shown on the following Daily ratio charts.
Perhaps the noxious gases from the "Fiscal Cliff" discussions are beginning to have an effect, as traders take profits, before the U.S., potentially, goes over the cliff at the end of this month. Both political parties seem as far apart as ever, with no resolution in sight.
Meanwhile, the SPX:VIX ratio closed below major support (broken blue horizontal line) today, as volatility increased. Momentum has hooked down and is below zero again, so I'd look for increasing volatility, with the heightened probability of further downside on the SPX.
