A steep sell-off across the major indexes has the Bears revved up for more.

But it will take a couple of more -3% days to get us down to a new low on the S&P 500.

While volume edged up to mark a distribution day, the total count for the last two weeks is even, with the S&P 500 making three accumulation days and three distribution days.

Reaction to earnings season is what we’re most concerned with right now. But so far there’s been nothing to cheer about.

Though we’ve had our Yellow Flag out as a sign of caution for buyers, we’ve been safe with the fact that there’s hardly much worth buying.