The Index is sporting what looks like a double top formation around the 1212 level. It's also formed a very clean neckline at 1082 - a level touched twice in 2014. More time needs to go by before declaring an official topping pattern, but the evidence certainly suggests that's exactly what's unfolding. The Index tried to make another run in August, but petered out around 1185, well short of the 1212 highs. It's shown nothing but weakness since, and the fact that it's now lost its 50 and 200 dmas tells me that sellers are in control.
If the moving averages do indeed cross, that would be a major technical sell signal and likely a major tell for the overall stock market. Look for the index to find minor support in the 1110 area and then firmer support at 1082. The Russell 2000 looks very heavy here - caution on the long side is advised.