The chart below shows SPYwith the 64 period (which is about 3 months in trading days) Williams %R oscillator below the chart. When Williams %R is greater than -50, it's bullish. Currently the 64 period Williams %R is -29.11.
The chart below shows the daily chart for the utilities ETF, XLU. XLU started correction earlier in May. Notice the increased selling pressure the past couple of trading days. The Aroon indicator shows that the ETF is trending down. The utilities sector is the worst performing sector in the past month.
It looks like a bear flag bearish continuation pattern is forming on the 60 minute chart below. The chart is showing SPY with the Aroon indicator below the chart. The Aroon indicator is telling us if the stock is trending or not and how strong is the trend. The moving averages and the pivot points are helping us to determine the next support.