The last chart is of Guggenheim S&P 500 Equal Weight ( RSP) over SPDR S&P 500 ( SYP). This pair represents a breadth indicator measuring the amount of participation stocks have during index moves.

As the pair breaks lower, it signals that a majority of the components in the index are leading the move lower, and thus is a bearish sign.

The chart shows that prices had been in a strong uptrend since late June, and subsequently formed a bearish double-top pattern in August. The breaking of the upward trend line due to the Syrian conflict could be just the beginning of the correction lower.

The fear of higher rates and less Fed intervention could lead to weakness throughout the fall season, with a potential move higher in winter. Stay attuned to the actions of the Fed and Syria to gauge market sentiment and future direction.

At the time of publication, Sachais had no positions in stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Andrew Sachais' focus is on analyzing markets with global macro-based strategies. Sachais is a chief investment strategist and portfolio manager at the start-up fund, Satch Kapital Investments. The fund uses ETF's traded on the U.S. stock market to gain exposure to both domestic and foreign assets. His strategy takes into consideration global equity, commodity, currency and debt markets. Sachais is a graduate of Georgetown University, where he earned a degree in Economics.

If you liked this article you might like

Crazy Weak U.S. Dollar Will Make These 10 Companies Huge Winners

Ridiculously Weak U.S. Dollar Will Make These 10 Companies Huge Winners

Watch Out for a Counter-Trend Rally in the Dollar Index

Johnson & Johnson, 3M and 8 Other Winners From the Ridiculously Weaker Dollar

Johnson & Johnson, 3M and 8 Other Winners From the Ridiculously Weaker Dollar