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The 10 day equity put/call average has dropped below the 63 day average and is nearing the 252 day average. This is in the context of rising 63 and 252 day averages which are indicative of a price downtrend in many cases.
The momentum set-up is mixed with the weekly stochastics still up and recently out of oversold territory. The daily is down and the hourly is overbought which makes a potentially very nice short-term set up but a questionable intermediate term set-up.
The large gap down from Monday is basically filled now on SPY which is another potential overhead resistance on the chart. The stop level is the 6/20/12 high on a short position.
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