The market will be maximum overbought at the end of the day today. That means that even if the bulls manage to rally the market back in the face of this gap down opening they will be faced with a maximum overbought market at the end of the day today. At best the bulls are looking at a choppy to sideways market for the next few days until the overbought condition is worked off.
The good news is that options expiration is approaching next week, which has tended to cap the downside during strong up trends. In addition, I outlined yesterday why I believe this correction will be relatively mild.