Will it be worse? Is the sky falling?

Indices will likely approach 2 standard deviation by end of Monday. VIX's deviation is bent farther than that. There's very little signs of letting up. But if the market were to find a bottom, it would likely do so on Tuesday or Wednesday. Look for RSI to show strengthening and entries on Thursday/Friday.

If we take a step back, markets should finish the year stronger. Job, liquidity and consumption all point to the markets moving higher by the end of the year. Bottom line, look for opportunities for longs at the bottom half of the week if RSI shows strengthening.