On Tuesday we saw the index test our distribution zone and sell off following a long upper wick that developed at the downward trend line resistance. Today the index continues to sell off with the price breaking the 8/21/50-EMAs with a large (igniting) red candle. From an ultra short term tactical perspective, the 50250 zone may not hold, however we want to monitor ~49570 as a potential accumulation zone (for an overnight or intraday bounce). This is close to the horizontal support of 18 June to 02 July and the 04 September as well as the 200-EMA. It should be noted that the current setup carries a bearish with the RSI below 50 (current reading 44) and the MACD below the zero bound.