This monthly chart illustrates correlation between SPX and QE. SPX has been in upward channel. End of one round of QE seems to bring out weakness in equities. Back in Oct 2014, QE3 was officially ended, and on the chart it shows up as a hangman candle showing the market's vulnerability to go down half of the channel. Starting 2015, we have the Doji and then following by red down candle. If there is another down candle, we will have a confirmed bearish pattern.