So what to do? If you're long the market, I don't see reason to sell at this very moment, HOWEVER, I suggest that you be vigilant with your positions and initiate stops somewhere just below the 50 dmas. If you don't have a position, then now is certainly not the time to get long. Doing nothing is a perfectly acceptable investing strategy. As Jesse Livermore once said, "Play the market only when all factors are in your favor. No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons."
The markets are in a precarious position. Invest accordingly.