While the indexes are down less than 20% from their peak, this week's round of selling did a lot more damage to the leadership stocks (what I call the generals) than we saw a few weeks ago. A few names like Netflix (NFLX) have completely been obliterated, while others like Priceline.com (PCLN) now have broken key long term support.
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A whole host of other names (LULU, CMG, BIDU, WYNN) are either sitting at, or approaching their 200 day moving average. Usually when people start throwing in the towel on the generals we are closer to the end than the beginning of a selloff.