i don't think anybody will argue that last Friday was an ugly finish to what had developed as a nice bullish week through Thursday. Several Major ETFs finished below 20 dma. The exceptions is XLE that barely budged. Even with the sell-off SPY is still +1.5% for the year. Of course one more day like this Friday will take care of that. I have mixed feeling about next week. Looking at several other tops in the recent year one can see that the sell-off is tipically fast and furious once it gets started. One the other hand, this time XLE is not participating, at least not yet. So, there are still buyers out there. Also, VIX went quickly through the roof +24% which indicates that a bounce in equities is already possible due to this spike in fear. I am leaning bearish, but would like to see further quick slide in equities including XLE that would overwhelm VIX-spike induced bounces.