The first day of the New Year starts with selling on heavier volume distribution. Today may be the start of something, but one day's selling does not make a crash. 

For the Nasdaq, we have the MACD trigger 'sell' but still a bullish cross in relative performance to Small Caps. The selling was looking bad but buyers were able to step in at the 20-day MA. 

The S&P similarly sold off on heavy volume with a fresh 'sell' trigger in On-Balance-Volume to follow that of the MACD. 

While the Russell 2000 was the first index to turn and did experience distribution today, it was able to successfully defend its 20-day MAs. 

The other thing I'm tracking is the relationship of the indices to their 200-day MAs. All are above the 95% zone of historic price extension relative to their 200-day MAs, with the Russell 2000 substantially so at 30.4%, where the 99% level comes in at 21.4% (dating back to 1987) - even after the decline from 201.18 ($IWM). A reversion to mean is coming, and it will look painful, but in real terms, it probably won't make it back to its 200-day MA.