Cobra's Market View Private Messaging System shows:
Today the pullback has not fully reclaimed the Monday rally, which means the strength of down is slightly weakened. So the situation is not bad, as long as tomorrow the market doesn't break the Friday low, it will be a buyable dip according to 8.1.1 Buyable Pullback Rule. Will the market go up or down tomorrow? I cannot see any positive divergence that favors bulls, bears on the other hands have too overbought signals, so the market might likely go further down tomorrow morning at least.
0.0.2 SPY Short-term Trading Signals. Technically speaking today's drop is a low volume consolidation. According to the chart, following the big rally on last Friday, two relatively small candles on Monday and Tuesday were consolidation below the important resistance, which setups a potentially upside breakout (it's also possible that the breakout fails and it heads down). Furthermore, there are two overbought signals favor bears. STO on the top of chart may not be significant, but overbought NYMO should be quite accurate.
1.0.3 S&P 500 SPDRs (SPY 30 min). You can see that bulls have multiple levels of supports. If those support hold, it is good, otherwise expect a decent selling off because the next support is at last Friday low.