The chart below of the Advance/Decline Line (One of the main indicators I use in my classes) indicates that some serious technical damage has been done to market action. Care is warranted if you are currently trading on the long side.
Notice how the 10 Day Moving Average line (Yellow Line) had not been breached since this trend started in March 2009.
When the 10DMA was crossed in 2008 it signalled the commencement of a bear trend.
The fast stochastic panel and the MACD panel also indicate the beginning of a trend not the termination of one.