"The main obstacle lies in disentangling ourselves from our own emotions."

'The major trend is down. Oversold conditions are at record levels, though, and so a considerable rally could unfold. But I would expect a retest of the lows after that rally fades. The bulls are used to "V" bottoms for the last 7 or 8 years, but that may be changing finally. Wait for confirmed sell signals, and even then don't chase rallies.'

Just a month ago we were posting fresh new all-time highs. The old adage, the markets take the stairs up and the elevator down is certainly evident during the past couple of weeks. The markets have clearly gone from worried to freaking the hell out. Enjoy the ride!

"The biggest drop in oil prices since the Gulf War helped things turn from bad to worse, as the S&P 500 lost 7.6% for its worst showing since October 2008. Within the broad index, financials dropped 10% and energy stocks lost 20% (nothing like a one day bear market), while just nine names finished in the green including Autozone, Inc., Dollar Tree, Inc., H&R Block, Inc., Clorox Co. and Dollar General Corp."

We can't play now, limit down and the market is halted.

Is there any support ?

 $SPX plunged right through the rising 200-day moving average, which was a bit surprising because that usually provides some support on the first test. 

As long as $VIX remains above the 200-day moving average of $VIX, that is a negative for stocks.