A close below 1300 in the S&P today would suggest it has been.
Leaving aside unrest in the Middle East and North Africa for a minute, the prospective end of QE in June is a major uncertainty the equity market has to contend with.
Traditionally, a weaker equity market would suggest “risk-off” and Dollar strength. These days, nothing suggests dollar strength, so I’m not sure we can make any currency prognostications on a break to the downside in equities. Buy Swiss, I guess…seems to work no matter what the situation…
