Sellers are in complete control as of now from beginning of the year. We are getting big selling day in terms of breadth daily.
The breadth started to deteriorate months ago as % of stocks above 200 day MA (T2107) kept on going down from around April 2015. As of now only 12% of stocks are above 200 day MA.
Breadth deterioration was ignored by market as handful of large cap stocks still kept the indexes up. Now they are started to rollover.
Personally none of this was a surprise as I monitor breadth daily and had taken defensive posture ahead of sell off.
For those caught on wrong side of the move this is painful period. And as a result they will lose capital and confidence.
Markets periodically do this and wipe out traders , having good defense is your best offense for this kind of market periods.
As and when the market turns you have to be ready to go back in and have your list of stocks ready.