A routine, late-day bounce took some of the sting out of the day, but there was still plenty of ugly action. All the major indices managed to close above their 50-day simple moving averages once again, but there was plenty of damage done -- particularly in semiconductors and other tech stocks. Retailers, steel and regional banks were also weak. Even precious metals pulled back from their highs. There was no place to hide today as sellers hit the exits (albeit on average volume).
The market has had two strong bounces over the last couple weeks. Though each bounce has failed, the market still has some underlying support that's holding it above recent lows. There is obviously some troubling price action in individual stocks, and traders need to be very disciplined when it comes to money management, but a downtrend has yet to develop.