Editor's Note:

No new trades for Premier tonight.

The market accelerated lower with widespread declines. The small cap Russell 2000 index sliced through potential support near 1,240 and plunged to the next support level near 1,220. The next level to watch is the 1,200 area.

I cautioned readers last night about the market flashing potential warning signals. Volume has not picked up yet and the volatility index (VIX), while off its recent lows, is still relatively low. This suggest there could be more selling pressure ahead.

Small Cap Russell 2000 chart:

Volatility index (VIX) chart: