I believe that what is happening is just a pullback, as of now on $ES the 10 day trough and the 5 hour cycle are bottoming as of 1400 CST, prediction is for it to rally from here.
Below 4100 is the stop. R:R is 5 to 1 here but waiting for absorption and then seeing a bull imbalance does provide more information.
If there is a selloff, a watchlist is coming end of day… as it may continue lower into late week with some bad stocks. This may be an item, going forward, as well. So stay tuned for this week, it has a lot of info to give.
Bears could get something started, it seems that every minute that goes by past this half hour, and stocks are still down, could mean a larger selloff is coming late week. Have to watch it closely for confirmation.