If you look at the "core holdings" that are owned by Institutional Investors, you get a pretty good idea of what is happening to the stock market.
After all, Institutional Investors pretty much control the stock market in terms of their aggregate trading amounts each day. Even the Fed has grave difficulty when trying to compete with what Institutional Investors are doing.
So, what are Institutional Investors doing? When you look at today's Point & Figure chart, you see "a not so good situation".
The Point & Figure chart for the Institutional "core holdings" show that there has been rising wedge pattern that has now been breached. When you look at the chart, note that the "core holdings" (treated as an index) is sitting on and testing a support line. This support needs to hold in order to avoid further downside. This is a Dangerous place to be.