The short-term trend is down, but the market is oversold and another bounce is possible. So watch for signs that the selling is drying up. But, keep in mind, that the larger trend is down, and that rallies will probably be met with more selling.

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One sign that the selling might be temporarily exhausted is to see the number of new 52-week lows drop down below the 50-level on both exchanges.

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The Leader List

The leaders are listed below in blue and green. No changes from yesterday which is a surprise after such a big day in the market.
 

Regional banks have gone from leader to laggard, and the KRE is now in the bottom five ETFs that I monitor. The break below the 200-day isn't a good sign, but it is still above support around the 51-level or so.

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The Small Caps broke below the 200-day as well.

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Outlook

The long-term outlook is positive.
The medium-term is down as of Aug-10. Looking for a low mid to late September.
The short-term trend is down as of July-28. Stocks are short-term oversold.