Technically this is very bad.

Death Cross : A crossover resulting from a security's long-term moving average breaking above its short-term moving average or support level. As long-term indicators carry more weight, this trend indicates a bear market on the horizon and is reinforced by high trading volumes. Additionally, the long-term moving average becomes the new resistance level in the rising market.
http://www.investopedia.com/terms/d/deathcross.asp

The only good news I see is that volume is fairly steady.

DOW
http://finance.yahoo.com/echarts?s=%5EDJI+Interactive#chart3:symbol=^dji;range=6m;indicator=sma(50,100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

NASDAQ
http://finance.yahoo.com/echarts?s=%5EIXIC#chart2:symbol=^ixic;range=6m;indicator=sma(50,100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

S&P
http://finance.yahoo.com/echarts?s=%5EGSPC+Interactive#chart2:symbol=^gspc;range=6m;indicator=sma(50,100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

RUSSELL
http://finance.yahoo.com/echarts?s=%5ERUT+Interactive#chart1:symbol=^rut;range=6m;indicator=sma(50,100,200)+volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on;source=undefined

DOW 10630 is the 61.8% retracement for the current trading range. We got as high as 10594 on June 21. The last 3 highs are all lower than the one before.

Fundamentally we're obviously in bad shape, but technically we had been chugging merrily along. That is no longer the case. Without some dramaticly positive news, event or policy change we're in for a fall. When the technicals align with the fundamentals there is no one left to prop up the market.

Tick!