The Dow can be charted in a similar manner. Capital preservation is in order. Bank failures would be expected.
There still may be weeks left to the upside, but this huge bear-market rally is coming to end. In terms, this entire move has been a multi-year market. This is a deflationary crash, as seen by metals and oil .
If it weren't for the tease of QE4 at every negative macro economic and fundamentals indicator over the last 3 months, equities should have risked in price to roughly S&P 1600 -1850 by now.
The Yallen put is a hard drug to shake. Unfortunately or fortunately for some, cold turkey always, and I mean always, comes after drug filled asset bubbles.
Some indicators cannot be seen in a price chart. I see too many price charts and pretty indicators here and too little genuine information.
6 years of newbie traders, that have never seen a market shock, will at some point, learn the way we all did.