I have embarked on a project to constantly view and analyze the major sectors of the S&P in an effort to get a grasp of where the potential weakness is showing up within the SPX itself.

I've looked at the major SPDR ETFs in 9 major sectors (leaving out telecom, which does not show me much), and examined the top 10 components of those ETFs.

The sector with the greatest number of stocks showing weakness is utilities, with nine -- all except Pacific Gas & Electric (PCG) are technically waffling. Financials, at the other end of the spectrum, have no components showing technical weakness. Energy and industrials each have four, with Chevron (CVX) and United Technologies (UTX) among them, while consumer staples and technology have three each, and consumer disc, healthcare and materials have two each.

While the SPX itself might look like it should take a breather, it is likely to unfold in the form of a topping expedition rather than a vicious decline. In other words, there are just not enough components that appear technically vulnerable right here for us to anticipate anything more than a day or three of relative weakness (barring a geopolitical event that triggers a panic exodus from risk-on markets).

As I monitor the components of these sectors in the upcoming days, I will be watching to see if there are peaks and reversals in names to add to the above-mentioned list, which will provide clues about the underlying health of the SPX.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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