Dr. Kris'  Instablog

1:50 pm ET: My charting program signaled an alert about a half an hour ago when the tick suddenly dropped to an extremely low level. Glancing at the other market barometers, I saw a jump in the Trin along with a slump in the major averages. Scanning the twittersphere, I'm seeing no apparent reason for the sharp downturn. So, what gives?

Could be that certain conditions were triggered setting off program trading, or possibly someone got wind of the nature of the Fed minutes that will be released tomorrow. No matter. What this means for traders is that the 1350 support level is now broken and further downside looks to be in the cards. One bright spot is the Trin which is entering contrarian territory. A continued move higher will surely trigger a contrarian reaction but that may not happen until tomorrow (if at all).

Overall, though, the market has not yet triggered a Sell signal. The SPX needs to drop to around the 1330 level before the bulls need to be concerned about protecting positions. That's about it for now.