The market is in a long-term bull. The market is crashing, this is it. Two exact opposite comment just a week apart. Funny how the bulls and bear co-exist. For me keep things simple. Stay will reality and the reality is you need to decide you are in for the long term or short term. A week ago we had the VIX below 10 for a majority of 2017 and it is a record of some sorts. Now when you have something like, expect something big to happen and that was the drop in the broader market. Was it expected? Most definitely. No financial market this big stay still for so long.
I have divided the S&P into 2 major trading levels. The lowest box is the 2500 to 2600 and the higher one is the 2600 to 2700. For the market to recover, we need to have price close above 2728. Right now, the current drop you saw is lowest in terms of the technical perspective. For the market to continue its bull run, the market cannot do down lower than what we saw 4 days ago. A close below 2424 would then convince me the bears are here.