The genie is now out of the bottle, and it's going to be very hard to put him back in again. $SPX has broken major support at 1950, and that changes things: the chart of $SPX is no longer bullish; it is now bearish.

Equity-only put-call charts continue to remain on sell signals. These put-call ratios will remain bearish until they roll over and begin to trend downwards. It doesn't appear that will happen anytime soon.

Market breadth (advances minus declines) was a harbinger of this move. Both breadth indicators are on sell signals and are deeply into oversold territory. However, the market can decline while these are oversold, so these are not buy signals.

This now brings us to volatility. As one might expect, volatility literally exploded yesterday. $VIX is now in an uptrend, and that is bearish for stocks.

In summary, all of the indicators are negative. There are some oversold conditions beginning to appear, but there are no buy signals at this time.

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.