The short term indicators are getting stretched to the downside, and the other narrower indices are approaching their own support levels.
Perhaps a techinical bounce at some point, but no higher than overhead resistance. A stairstep decline such as this can be quite damaging, and often will continue until it finds strong support, a footing and a V bottom. It may require a plunge, otherwise it just keeps bleeding.
The SP 500 seems likely to test the prior low at 741. We may get a legitimate double bottom. The overhead resistance will cap any purely technical bounces. That is how we will tell them apart.
The McClellan Oscillator is getting overextended to the downside.
This has 'plunge to a bottom' written on it. But we might just continue to slowly bleed.
"what should you do to avoid being an idiot or a swine? Merely this: You should do something great, you should lay aside all the foolishness of a more of less long existence, you should become resigned to the fact that you will seem ridiculous to a race of janitors and bureaucrats if you are to enter the service of Splendor. Then you will know what it means to be the friend of God. The friend of God!"
Léon Bloy