A CoverRisk.com  indicator for determining downside potential has reached the strongest level since May of 2008.  In fact it was seven years ago on May 19th, 2008 that the SP500 reached the highest price it would hit for the rest of the year.  While the indicator simply measures  the spread between various upside scales, it has only been this high on one other occasion which was proceeding the break in 2008.