The stock market has continued lower, after first breaking significant support at 1680 about two weeks ago. With the further breakdown this week, below the next support level at 1640, there is a distinct pattern of lower highs and lower lows. That makes the $SPX chart bearish.

Equity-only put-call ratios are both on sell signals. Market breadth was positive today, and so both breadth indicators have rolled over to buy signals. These are generally short-term in nature.

Volatility indices ($VIX and $VXO) continued to move higher this week, and thus they remain in an uptrend. When volatility trends higher, that is bearish for stocks.

In summary, the intermediate-term indicators are bearish. The fact that some oversold conditions have spurred a short-term rally doesn't change that fact.

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.