Overall, the AMEX:SPY was trading below its 100-period SMA for a majority of the day, with the 5-minute chart well below the 100-period SMA - Breadth Ratio (NYSE:UVOL / USI:DVOL) was showing a ratio of greater than 2.0 which a sign to look for bearish/shorting opportunities on the day - Net Advance/Decline Line ( USI:ADVN.NY - USI:DECL.NY) was below its 21-period EMA showing bearish sentiment and was below 0 for the entire day, illustrating that bears were in control, although net declining issues never passed below the -1000 mark, which would indicate a very bearish sentiment.
Either way 07/19/2016 turned out to be a day where trades to the downside should have been preferred; although overall it wasn't a very strong bearish day.