Here's a quick take on today's market action in the S&P 500, courtesy of regular contributor Chris Kimble, a 30-year+ market technician and student of Sir John Templeton.

These are his comments attached to this chart:

I have been highlighting the dangers of the rising wedge and the need to harvest values at the highs.

As one can see, the wedge broke and in a flash, a "waterfall" pattern starts unfolding.

All in a days a panic. The 500 index found short-term support around the time the Dow was down almost 1,000.

Several of Chris's previous charts have highlighted a rising wedge — as in this example and more recently here.

For feedback or more information, email Chris at KimbleChartingSolutions@gmail.com.