Bullish percent technical charts show the equities indices at critical levels

Bullish percent - the percent of stocks within an index that sport bullish P&F price objectives (generated by Stockcharts.com using their default settings) definitely fell down over the past week or so for the SPX, NDX and NYSE ($NYA). Interestingly the one for the NYSE looks more able to reverse, perhaps off its own 200-day MA (and has positive divergence) .... But all three show the technical breakdown associated with this drop from above 80%. So the critical jucture is simply this - turn this into a cyclic low, now or soon. Or get mired in the breakdown and have this lead to lower lows.

Can the NYSE be a leading index, replacing the Nasdaq in that role? Or for that matter, can it be the Dow? To some extent, yes, but enough undertow from the other indices can drag them down too. So bears should not be surprised if the indices can pull off more bounce. But bulls should conversely be prepared if this breakdown isn't reversed fairly soon.