The equities markets have slipped below long-term trends and the widely observed Dow Theory, the oldest stock market signal, has signaled a “sell.” Nevertheless, investors can still hedge positions with inverse or short exchange traded fund strategies.

The SPDR S&P 500 ETF (NYSEArca: SPY) is trading 2.8% below its 200-day simple moving average while the PowerShares QQQ (NasdaqGM: QQQ) was 1.8% below its 200-day and SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) was 5.7% below its 200-day.

Looking at the Dow Theory, the equities markets could be in trouble ahead. Specifically, both the Dow Jones Industrial Average and Dow Jones Transportation Average have undergone a significant correction from their joint new highs; following the correction, one of the indices failed to rise above their pre-correction highs; and both averages dipped below their respective correction lows, with the Dow Transport broke under its previous low of 17,164.95, reports Mark Hulbert for MarketWatch.

Consequently, investors who are seeking a hedge against further weakness in the Dow Jones Industrial Average can utilize inverse ETFs to bolster their long equities positions. For instance, the ProShares Short Dow30 ETF (NYSEArca: DOG) tries to reflect the -100% daily performance of the Dow Jones Industrial Average. For the more aggressive traders, the ProShares UltraShort Dow 30 ETF (NYSEArca: DXD) takes the -200% of the Dow Jones and the ProShares UltraPro Short Dow30 (NYSEArca: SDOW) reflects the -300% of the Dow. [Do You Know How Your Leveraged ETFs Work?]

Around 330 S&P 500 stocks are in correction mode or worse Friday, with energy, materials and industrials among the worst areas of the market, CNBC reports.

For those who are wary of a potential pullback in the S&P 500 index, there are a number of bearish or inverse ETF options with varying levels of leveraged exposure to capitalize off a weakening S&P 500. The ProShares Short S&P500 (NYSEArca: SH) takes a simple inverse or -100% daily performance of the S&P 500 index. Alternatively, for the more aggressive trader, leveraged options include the ProShares UltraShort S&P500 ETF (NYSEArca: SDS), which tries to reflect the -2x or -200% daily performance of the S&P 500, the Direxion Daily S&P 500 Bear 3x Shares (NYSEArca: SPXS), which takes the -3x or -300% daily performance of the S&P 500, and ProShares UltraPro Short S&P 500 ETF (NYSEArca: SPXU), which also takes the -300% daily performance of the S&P 500. [Inverse S&P 500 ETF Ideas to Hedge a Correction]

The S&P Tech Sector was the worst performing sector of the week, falling 3.3% week-to-date, according to CNBC.

Lastly, investors can also hedge against a dipping Nasdaq through bearish options as well. For instance, the ProShares Short QQQ ETF (NYSEArca: PSQ) takes the inverse or -100% daily performance of the Nasdaq-100 Index. For the aggressive trader, the ProShares UltraShort QQQ ETF (NYSEArca: QID) tracks the double inverse or -200% performance of the Nasdaq-100, and the ProShares UltraPro Short QQQ ETF (NasdaqGM: SQQQ) reflects the triple inverse or -300% of the Nasdaq-100.

For more information on the inverse products, visit our inverse ETFs category.

Max Chen contributed to this article.