Katie Stockton, a technical strategist at BTIG, saw that a number of S&P 500 companies broke down past key technical levels and now outnumbered those breaking out by about 2.5-to-1 over the past three weeks, another sign of waning market momentum.

Traders who are wary of further dips can look to VIX-related exchange traded products to hedge their exposure in case of another sudden fallout.

For instance, VIX traders may look to the iPath S&P 500 VIX Short Term Futures ETN (NYSEArca: VXX), ProShares VIX Short-Term Futures ETF (NYSEArca: VIXY), VelocityShares Daily Long VIX Short-Term ETN (NYSEArca: VIIX) and REX VolMAXX Long VIX Weekly Futures Strategy ETF (BATS: VMAX).

The VIX, or so-called fear index, is a widely observed indicator for investor sentiment in the stock market and measures the expected or implied volatility of large-cap stock options traded on the S&P 500 index. ETPs that track VIX futures allow investors to profit during rising volatility or hedge against short-term turns. VIX exchange traded products track the VIX futures market, not the VIX spot price.

For more information on the CBOE Volatility Index, visit our VIX category.