On Thursday, the market opened up, but then it quickly entered a decline that persisted throughout the day. The Nasdaq Composite fell -62 points (-1.46%), the S&P lost -21 points (-1.17%), and the Dow Jones Industrial Average lost -231 points (-1.41%). The market ended near the day's low; it did not rebound at the end of the day. Breadth closed at -1077.

The Nasdaq has now declined in 5 out of the last 6 days; the S&P has fallen on 3 out of the last 4 days. The S&P has erased all its gains since 2014 began. The S&P closed below the 1,850 key support level, and the Nasdaq closed below the 2,275 level. 

Volume increased for both the Nasdaq and S&P and both registered above average volume. The Nasdaq's volume increased 38% from Wednesday. The advance/decline ratio clearly favored the bears with a ratio of 2.1 decliners for every 1 advancer. Down volume was stronger than up volume by a ratio of 5 to 1. 

Today's decline may be due to increased tensions in Crimea, as well as a slowing economy in China. But the bull market is now 5 years old, and it may simply be running out of steam. Also, investors know the Fed is expected to continue its tapering of the bond program.