Are we heading down soon?

Attached are 3 month daily chart of the 2 primary indices.



While Sensex did follow-through on 26th Nov, nifty (^NSEI) hasnt. And there are already 2-3 distribution days. There is no leadership either.
Also, I am counting day 1 of rally as Nov 21, although we didnt make a new low since Oct 27 - reason is we had 7 continuous down days and we had a new lower close in sensex, though not a lower low.
Some days - like today - NSEI ended marginally in red, while SENSEX ended marginally in green - but I am counting in both the indices this as a distribution day - since volume was much higher, so it seems to be more of churning going on.

Only 31 stocks (including 3 GOLD ETFs) out of 1300 stocks on NSE exchange satisfy the following property:

• They have relaive strength (calculated over the last 1 month *AND* over the last 6 months above 80.
• They closed above 50 day SMA. (In most of these cases, 150 / 200 SMA is above 50 SMA and in most cases, these SMA are moving downwards.)

Only yesterday 298 scripts out of 1230 scripts traded on NSE (24%) made a new 52-week low while only 1 made a new high. Today 166 scripts (13.5%) made new year lows, while 2 made a new high.

I am computing Marty Zweig indicator tool too (whether avg of advancing stocks ratio and up_volume is above 90% or below 10%).
Since October 1st, this number was below 10 on 4 occasions: 3.005 on 6th Oct, 6.23 on 10th Oct, 8.55 on 15th oct followed by 3.26 on 24th oct.
The only 90+ day was the shortened trading day of Diwali 28th Oct (trading was on for only 1 hour that day, so I am not counting that.)

Infact, we have NOT had a single >90 or <10>This will change at some point - I think it will change in the next 5-7 days and I think that would be on the downside since we have no leadership and no accumulation days. Distribution days however are adding on.

Meanwhile, US has logged on a weak-ish follow-through-day. Lets hope no distribution day shows up today or in the next week. Also note that the FTD in US came right after a 9% down day - and the volume was only 6-10% higher than previous day.

-Sumeet