NEW YORK (TheStreet) -- The negative divergences in the stock market have finally caught up to the high flying all-time highs in the stock indexes.

The DJIA is down 1% after closing down 332.78 points to finish at 17,662.94. The S&P 500 is down 1.25% on the trading week, closing down 35.27 points on Tuesday to finish at 2,044.16. The Nasdaq is down 1.31% on the week after losing 82.64 points to close at 4,859.79 while the Russell 2000 is lower by 0.70% on the week, losing 15.04 points to close at 1,208.53.

For the year 2015, the DJIA is down 0.81% and the S&P 500 is down 0.66%. This after a parabolic upside move in February. The Nasdaq and the Russell 2000 are still green in 2015.

The S&P 500 Trust Series ETF (SPY - Get Report) volume traded over 149 million shares on Tuesday. On Monday, the up day green volume was a pathetic 89 million shares traded.

Lately, the up day volume versus the down day volume pattern has significance. If traders are able to model for volatility, volume is one very important ingredient in the process.

So, where do the markets go from here?

The Nasdaq 5000 party was short lived. The Nasdaq is down 3% since that 5000 high on March 2.

All the indexes are now trading in oversold territory, but not deeply. We can very easily see more follow through selling on Wednesday to send the stock indexes deeper into oversold territory. However, it would not be surprising to see an intra-day turn to the upside.

Traders should now be positioning themselves for upside in this stock market. Here are several stocks that are oversold and position for a comeback: 

-- Netflix (NFLX - Get Report)

-- Exxon Mobil (XOM - Get Report)

-- Opko Health (OPK - Get Report)

This article is commentary by an independent contributor. At the time of publication, the author held OPK.