Dissecting the S&P500 with Jeff Macke

I was down at the Yahoo offices this morning breaking down the S&P500 with Jeff Macke. When I ask myself, Is this where I want to be initiating a position in the Index? I have to say no. It's not worth the risk/reward from a tactical perspective. We want to see some sort of consolidation either through price or (preferably) time. In this short clip, I explain why:
 
 

 
 
 
 
Source:

S&P500 In Critical Condition, Don't Chase Stocks Here: Parets (Yahoo)

Tags: $XLV $XLP $XLY $SPY $SPX $ES_F