As with the Dow, Russell, Financials (XLF), the past couple of days have broken below their respective year long trendline support, leaving gaps. Whether markets will retrace off of these oversold conditions or continue their slide is yet to be seen, but the veracity of this downside move should give pause to market bulls. Let the dust settle and see if there are any buyers near new support levels. That said, we haven't had a 3% daily move in a long while so this may seem like the end of the world :) but let's remember that we've come a long way and we're very extended. Doesn't preclude the fact that markets may settle down, consolidate for a while and have a retry at breaking out. In the meantime, failed breakouts usually are not kind to the bulls and are not prone to reversing their course easily in the near term, so stay cautious...
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