The March low has been key horizontal support for the major market averages. This month the Russell 2000 and the DJIA broke through that level on their charts, and the S&P 500 index and the NASDAQ composite are dangerously close to taking out their support. In addition, the industrials and the small caps are negative on the year and there are a number of moving average and other technical negatives. How bad could this pullback get? That dynamic will become more clear if the indices continue lower over the next few weeks, but just for illustration, the S&P chart is overlaid with 5% retracement, a corrective 10% move lower, and what would be a bear market 20% decline.