Patterns and indicators are telling the same story. Completed HS, the 200 Day MA resistance of right head failed, now in the June 2014 Gap to clear, bouncing off medium term TL and failing (we will see), headed for the longer term TL, which is exactly what it did last swoon, November 2012. Apple, SOX, IWM all looking weaker. A 4% drop is in the cards here on its own merits, and 3rd quarter earnings will not help, and will hurt, increasing the downward momentum. FOMC meeting thin red line, if they raise it hurts, if they don't it speaks volumes that THEY CANNOT RAISE, which means the economy both in the US and asia, EEM, worse than anyone thinks, and any raise will hurt mortgage rates, which would stifle the sectors holding this market up, housing. The only thing that could allow a raise if the FED believes a raise would actually lower mortgage rates, bond market reaction would actually be contrary to popular view. Finally, raising rates only increases dollar strength, which will hurt all big caps even further, and commodities going lower yet, oil, which might do the Saudis bidding for them by crushing the remaining fragile oil companies resulting in volume spike of oil credit failures. It could be seen that the FED dealt the final blow to mid cap oil. To raise in Sept or this year, or not to raise, flipping a coin might be accurate, and I bet the vote is not unanimous.