It's not quite that bad, but we are testing some key support levels at this hour.
Dow Jones and S&P 500 Daily Charts
After the initial sell off, today's battle lines look to be drawn. 10,800 is the support level for the Dow, and the 50-dma at 1,237 is the test for the S&P 500. Notice the difference in these two indices 200-dmas. The Dow has had a bullish crossover, and can offer additional support if needed. The 200-dma for the S&P 500 is still far above, and can offer no support. The MACDs look to be heading for the zero line, whether they bounce off it or crash through it remains to be seen.
Looking inside the Dow shows that 26 stocks are down, and only 3 stocks are up. The Nasdaq has 12 stocks in positive territory, and 76 in negative territory. Oil and Gold are the only sectors to be long in today, and Barrick Gold (ABX) is up 40 cents, and Halliburton (HAL) is up 56 cents.