There's no kind way to put it - this is close to a major sell signal with lower price implications. Tread cautiously.
Other tools that can be used to hedge equity market correction: 1. Selling covered call options to collect premium 2. Going to cash 3. Buying a short ETF (not my favorite) 4. Buying put options (this is no longer feasible as base case due to spiking volatility price component) 5. Short Equity Index futures (not for the faint of heart) 6. Shorting individual stocks (I don't like this)
What's your favorite way to capture downside equity exposure?