Market is sold off heavily in the morning and could not recover in the afternoon.
The next support for S&P500 is 1300 which is not too far away. Market is once again into oversold zone. AAII bullish sentiment will hit another low this week.
In last two years, whenever Wm%R or STO etc. TA indicators get into oversold zone (it may dip into here multiple times), and AAII bullish sentiment hits lows, some sort of rally that follows. Giving that there are many uncertainty in Europe, end of QE2, etc. We may still see quite a bit of weaknees in coming days though.
There are still some bright spots in the sell offs. NFLX/CMG/CRM are positive. Many defensive names are also holding well. AAPL was positive at one point today.
Although US$ is strong, oil lost a few bucks today, energy stocks are not totally falling apart. They are down, but not down like 2008.
My best guess is that we should still see some weakness in the market, however we should not panic here either. Concentrate on good running companies and high dividend payers is the key. And get used to run a long/short portfolio, keep high level of cash, using covered calls, etc. strategies to smooth out valotility of your portfolio. 
