rally relief

As most were expecting today, we worked off some of the Overbought conditions given to us from this month-long rally. You can't really say the bears are back in control yet at this point, as this could still be perceived as merely a pullback. Also of note is that price hasn't yet given up that gap fill left from April 08-09.
These trend days are important to try and identify as soon as possible. With that in mind, I refer to Dr. Brett and his input on the matter. Let's itemize:
1). Price gapped down to S2 on a weak TICK and started dropping lower after 15-minutes.
2). Advance/Decline issues are skewed negatively from the get-go (7:1).
3). The leading weak sectors
XLB
XLE
XLF
going into the day continue their weakness and lead the market downward.
4). Significant buying (NYSE TICK, advance-decline improvement) does not enter the market after taking out S2 and S3.
Here's a look at the 5-min SPY with NYSE TICK in subgraph (the two green horizontal lines being S2 & S3):Some perspective on the Daily shows relief, but nothing more than that at this point.