The iShares Barclays 20+ Year Treasury Bond ETF (TLT) suggest equity traders might be getting increasingly afraid of something.

Dave Landry takes a one-minute look at the stock market in his video for June 23.

It's quite a sign of weakness that the S&P only managed to recover about one-third of its recent losses before breaking down to a lower low.

Clive Corcoran would not be surprised to see the S&P 500 drop to a retest of the 875 level where support could be found from fund managers looking to put some beaten up stocks in their portfolios for the end of quarter.

The indices got hammered from the get-go, and were down all morning until early afternoon when they tried to move back.