I still think this downtrend is a correction for now, but keep in mind it is still possible going to create another bottom for the market. This depends whether some resistences work well and how the economic data show, like durable good orders this month and nonfarm payroll next month.
Is there a straight leg to the hell? Of course not, rebound is always at the corner. I believe 8900 for DOW is a strong resistence and only gap down is an easier way to break it. Please be advised there is nothing we can do in August. Just relax and take a break, we will see what we can do back for the new semester. :)
Oil is heading down and USD is heading up. Bearish commodity ETF and Treasury Bonds ETF are good ways to hedge your long positions.
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