The Standard & Poors 500 Index ($SPX) broke down below the important support level of 1670-1680 today and, in doing so, unleashed a torrent of sell signals. The picture has changed to intermediate-term negative.

The equity-only put-call ratios are split. The weighted ratio made new lows recently, trading at its lowest prices in over a year. Then it curled up, in a sell signal. The standard ratio remains on a buy.

Market breadth has been poor, with both breadth indicators recently having moved to sell signals. Volatility indices ($VIX and $VXO) had been holding below 14 until $VIX blasted up through that level, staging an upside breakout of sorts. That is bearish for stocks, as well.

In summary, the situation is now intermediate-term bearish with most indicators having moved to sell signals.

Lawrence G. McMillan is the author of two best selling books on options, including Options as a Strategic Investment, and also publishes several option trading newsletters.