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By Lawrence G. McMillan

The stock market has finally succumbed to months of negative internals, and now the large-cap indices are following the "troops" lower. $SPX has broken down below the bottom of the trading range, violating support at 4500. Not only that, but it has closed below the December lows, which is another longer-term negative for the market.

This decline has exacerbated oversold conditions in many areas, though, so expect violent oversold rallies within what is now a bearish downtrend.

Equity-only put-call ratios are on sell signals. That is, they are rising -- especially the weighted ratio, which has now reached new heights. This is an oversold...

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