Just looking at the Wilshire and NASDAQ, you could label the move down as a wave [iv] low. But the SPX and DJIA along with other sub indexes are in serious trouble. SPX closed under 1116 which is bearish in my opinion. The DOW is clearly back inside the recent trading range but more importantly, the end of day plunge took it under the rising bear trendline.
I think you all know how I feel: that this market is overdue for a major selloff and that there is a pent-up demand to sell and perhaps sell hard. We have been tracking a weakening sideways motion in ultra low volume environment for 3 days now.
Mondays are usually a continuation, as a rule of thumb, from Fridays. But this is a new month, quarter, year and indeed, decade. So we'll see how Monday plays out as real volume should start to show back up.