8000 broken

8000 points has been broken on the Dow with the industrial average now down 427 points...

Up until 3pm in the US, the index was treading water down around 180 points, but looks like the game is over and there is no support - capitulation methinks.

A close below 8000 points is likely to see some continued down side selling pressure in the short term.

A close above 8000 might mean some consolidation here, but I wouldn't be surprised to see continued selling on this index down to at least 7400 in the very near term...