January experienced the worst monthly market decline since 2012, and February started out with increased market weakness. Investors bailed out of stocks Monday in a broad sell off which saw the Dow decline -326 points. The Nasdaq broke support at the 4,044 level and closed at 3,996, down -106 points (-2.61%). The S&P declined -40 points (-2.28%), closing well below its support level at 1,770. 

Volume was heavier than on Friday which means a second day in a row of institutional selling. Decliners beat advancers by 5.5 to 1, and down volume was greater than up volume by a dramatic 17 to 1. Breadth started out the day near zero, but declined to -2,093 by day's end, a huge change. 

The VIX surged to its highest level since June 2013, suggesting investor fears are ramping up to new highs. From a contrarian aspect, this means a buy point may be soon approaching, at lease for a short-term rebound.