Confirmation day. Very strong down day with both volume and breadth. Two important observations:
1) The 50 day-MA was broken on today's wave down. I don't think this wave will stop there. After some consolidation (likely) tomorrow I think the 200 day-MA will be tested in the next couple of days. That is where things will get interesting.
2) For those of you who care, the Russell has already broken its July 18th low. I think this is portending a real move down and not just a reaction from the last couple weeks of volatility.