[Dogpile]

Yes, this is a market in balance and it is an attempted 'coil break' away from value. There is a lot more to this set-up though than the distribution -- you had a large, unfilled opening gap yet the put-call ratio did not surge (put-calls generally take off on a big opening gap down) -- you had very negative breadth indicating widespread weakness, volume had been low relative to previous day indicating lack of strong institutional selling --- but then it picked up sharply as price dropped down outside of the 'accepted range' -- lower prices began attracting MORE selling, the opposite of a market in balance --- this is a 'go-with' to the downside.