The S&P 500 is down 14 points, or 1%, to a session low as the market throws up its hands at the stupidity of the fiscal cliff.
Technically, the break of the 55-day moving average and the 38.2% retracement point to further declines toward the 1395/1400 zone of support.
There is a brewing combination of political frustration and concern about the US consumer that makes me think it could be even worse but remember that early January is a strong seasonal time for risk trades.