Let's look at the macro environment to remember where we are:
Since the end of last summer, the market has made a series of lower lows and lower highs -- a standard bear market formation.
On Monday, the market fell through the support line started in July. The market is consolidating below that line. Notice the following:
-- Prices ran into the 50 day SMA today and fell back
-- Prices moved through the 20 day SMA
-- Prices are still below the trend line started in July. The longer they stay below this level, the worse off the technical side of the market.