I've shown below the current charts for the FTSE and the German DAX which highlight the sharp move downwards this week so far.
In the case of the FTSE this has totally reversed from threatening to make a new higher high to now actually being on a short signal, all in less than a week! The DAX did make a higher high, but again has sharply reversed and is now at a price where a short signal will be given.
Obviously the news relating to Spain, Italy and Greece (again) is dominating the thoughts of traders. Against that, we have US tech bellweather Apple reporting earnings after the closing bell.
These charts again show why I avoid trading the indices themselves, and simply use them as a guide as to which direction I should place my bias when trading individual stocks. These charts tell me I should start to consider short positions.