[isatrader]

I haven't looked at the effective volume breadth charts for a while from http://www.effectivevolume.com. So I have attached below as give a perspective on the differences between what the large institutions are doing compared to the retail traders in these major ETFs.

From these it seems that the small players are very bearish right now across the board, but there's an interesting divergence with the institutional traders, as they are very neutral on the QQQ and buying the SPY, whereas the small players are heavily bearish in both.