Point of No Return?

The center is starting to fall apart in the EU.  Rumors of Greek default, member of ECB resigning, German banks preparing for a Greek default.  DAX hitting new yearly lows, which were just hit on Tuesday.  Reflexivity starts to go to work if the European markets fall even further.  Selling begets selling.  That is when you get panic selling and the S&P breaks 1100. 

I thought the final panic down move would happen after September options expiration but a bear market waits for no one.  When it wants to go down, it goes down.  This market is a ticking time bomb and it is just a matter of time before the explosion goes off.  Today could be a false signal and we could rally strongly next week, and then have the perfect setup for a run for the roses to 1100 and lower.  Or we could go straight down for the next 7 days.  At least for the rest of the day, the market wants to go lower and SPX 1140 is in play.