We've had two 90% down days in the last week thanks to Cobra heres a chart link.
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2393449&cmd=show[s128363142]&disp=P Which is a good omen for the bears. The RUT made a lower low which is also a good sign for the bears. On SPX you can see a big H@S formation with the neckline at 1180. I'll be watching the 13 34 ema's to confirm the downtrend.
Also looks like a could be a 1-2 1-2 down channel we shall see.