Major indices are heading lower across the board. The sell off is nothing to panic over, it seems a large amount is due to end of the year tax considerations after a great year.

There are only a handful of names in the green.

There are very few safe havens, with Energy (XLE) as the only sector with a bit of respite. Technology (XLK) is leading the way down, followed by Consumer Discretionary (XLY).

Oil is up 0.8% and is helping to push Energy (XLE) upward. This move in oil is likely due to the recent Chinese stimulus announced, which should improve demand.

Overall, the Magnificent Seven ETF (MAGS) is down more than the market, with Tesla (TLSA) leading the group lower, down 4.78%.

The CBOE Volatility Index (VIX) broke above both its 50 MA and 200 MA, rising 22.66%. Although these large moves in the VIX rarely last.

Market breadth overall is very bearish with decliners swamping advancers on both the NYSE and NASDAQ. New highs are still edging above new lows, and the up volume to down volume is still positive, on the NASDAQ. However up volume and new highs are dwarfed by down volume and new lows on the NYSE.