The NDX, as you can see in the 20 minute chart below, has broken its H&S neckline. It could easily come back up to “taste” it again, but this is a very reliable pattern and the target on this one is down about 1,100.
If the tech sectors continue to under perform, they will eventually drag the other indices down beneath their necklines as well. For now, the necklines on the DOW and SPX are holding, but just barely.
Here is a link to an article that points out a bearish indicator: http://vixandmore.blogspot.com/2008/12/isee-equity-call-to-put-ratio-at.html