Unfortunately the MCO 10% component brokedown indicating the current low zone requires a retest.
While it's possible we are at the start of a waterfall meltdown, I suspect this isn't the case. The MCO is extremely stretched out on the downside and this usually results in a vigorous bounce.
The breakdown in the 10% Index is more worrisome because this condition generally results in a retest of the lows before the trend upward is reestablished. What may lie ahead for the next 4-6 months is a range bound market until the fundamentals become clearer.