Bluestreek, since you are bearish, perhaps you should find individual stocks to short until the market turns down as you expect it. personally, I have no short-play ideas, but it could be a worthwhile suggestion.
one other thing, I don't live by them alone, but I have an RSI indicator I have used for several years for each market. They are not near oversold levels. In actuality, they are between 50 & 60. Each time they have come close to 55 has been a buy signal this year. Good luck