Part of what makes me feel as though this is just a normal pullback (so far) is that we're bouncing off the 10wk line and we're closing in the middle of the trading range which is a potential sign of support. We've also rallied about 10% since the end of June and some consolidation here is actually constructive.
What is always important, more so than the action on the indices in my opinion, is what is happening "under the hood". What are your positions telling you? How about the stocks on your watchlist? How are they behaving? Since this is what you're actually trading (unless if you're someone who is trading ETFs) this should be even more important in your assessment of market health.