The bears continue to dominate and were able to push the major averages below recent support levels with many of them on the verge of testing new ones. Here are the next support levels:

Dow Transports DTX: 820, 800
S&P 500 SPX: Just broke 1950, 1900
Dow Industrials (DJIA): Just broke 17000, testing 16800, 16400
Nasdaq: Testing 4400, 4200, 4000
Russell 2000 (RUT): Testing 1080 (a major level), 1000

While today's down draft was depressing, bulls should take some comfort in the fact that market internals are moving strongly into the bearish contrarian zone. What with the Trin pushing above 1.6 and VIX volatility spiking, we could see a relief rally as early as tomorrow. But don't party yet--this could be the pause that refreshes before the next leg down. With only three stocks populating today's New High list, this market is still firmly in control by the bears.

Relief rallies in bear markets provide a good time to initiate bearish bets. If you need inspiration, there's a lot to choose from as pretty much every sector is showing weakness. Many sector exchange-traded funds and notes broke support levels today with the most compelling (technically) being the following: Water (PHO, PIO, FIW), Timber (NYSEARCA:CUT), Agribiz (NYSEARCA:MOO), Financials (NYSEARCA:XLF), Insurance (NYSEARCA:KIE), Retail (NYSEARCA:RTH), Regional banks (IAT, KRE), and Shippers (NYSEARCA:SEA).

Regarding the shippers, Navios Maritime (NM, $5.52) broke below $6 support to touch a new yearly low. The bearish momentum is indicating that the stock could sink much further--possibly to the $3 level. If you're considering shorting this stock (or any of the other shippers), note that many of them pay a dividend which short sellers are required to pay when the stock goes ex-dividend. As an alternative to the inherent risk of shorting as well as being obligated to pay the dividend, if the stock offers options (as does NM) you could buy a put instead.