Please see this post first:
http://theelliottwavesufer.blogspot.com/2011/07/eurusd-gold-and-crude-oil-expect-new.html

Yesterday the Swedish OMXS30 closed below important support at 1,045, which could be the first sign, that the S&P 500 has topped too. The correlation between the OMXS30 and the S&P 500 has worked since 2007 and if it stays intact we have got a seriouse warning that the S&P 500 tooped at 1,370.58 on May 8'th.

As can be seen on the chart below a Shoulder/Head/Shoulder top could be building. A break below the neckline at 1,262 will call for a decline to at least the 1,145 - 1,147 area.