The S&P 500 broke 1192 this morning which makes this decline the largest of any since the late August lows. So while the short-term is somewhat oversold, this may just be the beginning of an intermediate time frame decline.
Also remember to watch the VIX and the 22.54 level. If we close above there, that would be a higher high on the VIX which would be added evidence that a larger decline may be underway.
Also watch the number of NYSE new lows. If the number of new lows exceeds 50, that would also be a sign that a larger correction may take place.
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