As the chart below shows, the number of low ranked stocks (0-40) is increasing, while number of highly ranked stocks (70-100) are falling.

Over the past 90 days, the number of low ranked stocks increased 16%. During the same time period, the top third of stocks (70-100) decreased by 39%.

While at some point this will suggest a wash out condition at present it still suggests a bearish or cautionary view is warranted until these metrics improve.