Weaker than I thought

This market is very oversold on the McClellan oscillator and it should have bounced today but the bounce faded away in a couple of hours.  The buyers are absent, and the sellers are getting a bit nervous.  I am hoping for higher prices to reshort but I don't think I'll get it today.  Tech stocks are lagging, and pharma is outperforming.  This tells me longs are liquidating their winners and going defensive to protect their leads.