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The markets are under siege once again, and it isn't looking good for the bulls right now - especially with the NASDAQ leading stocks lower on the day.

I'll reiterate something I told everyone on Tuesday here, along with updated charts of the S&P 500 and the VIX (Volatility Index), because based on the way the VIX is starting to behave, it's sure looking like the major averages are in trouble - unless of course they can find their footing pretty quickly.

I said on Tuesday, "A modest day for stocks so far after several days of screaming in both directions. Maybe that's a good thing. We could all probably use a breather based on recent volatility across the major averages. But, it does look like the S&P 500 is right back up around a trend line area that has been subject to selling on a few different occasions over the last week or so now.

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A modest day for stocks so far after several days of screaming in both directions. Maybe that's a good thing. We could all probably use a breather based on recent volatility across the major averages. But, it does look like the S&P 500 is right back up around a trend line area that has been subject to selling on a few different occasions over the last week or so now.

Then, you look at the Volatility Index here and it becomes fairly obvious that every time the broader markets start to pick up questionable activity, they find a way every single time to settle down, and move higher. Until that changes, we really can't speculate too much on any sort of selloff - no matter how bad it looks initially.

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Stocks got hammered yesterday following a series of technical triggers that caused the markets to collapse on a short-term basis. However, the S&P 500 did finally get down to its 50 day moving average, so I suppose we'll see if recent history can repeat with another big turn for the better soon.

Even this morning, John Monroe from Elite Opportunity Pro made the following statement in their daily newsletter edition to clients saying:

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A mini market implosion has investors running for the hills yet again. However, that's exactly what these type of selloffs are designed to do. And, if you hang your hat on media networks like CNBC or CNN Money etc., then you're probably getting sucked into even more lagging rhetoric regarding what's happening in the markets right now.

What I'm saying here is the media jumps on every single bull or bear band wagon, which ultimately ends up fueling the fire in either direction. Just last week, all of the financial talking heads were painting the rosiest of pictures, but this week many of them are now screaming the sky is falling.

Honestly, it cracks me up. Maybe I've just been around too long but truth is that's just the way they work. But, if the S&P 500 is going to find some semblance of a bottom, it could come right around 2,440 to 2,420.