The U.S. stock market, as measured by the S&P 500 Index, ran into trouble earlier this week as it reacted negatively to the U.S. consumer-price index report. But prices bounced back the next day, and at this point it seems similar to the sharp one-day correction that took place at the end of January.

Even so, this turbulence could still be the beginning of something more significant, since the negative divergences — February is often negative, cumulative volume breadth is lagging and small-cap stocks are struggling — are...