The Hindenburg omen triggered with the sharp decline on Monday. First, notice that new highs and news lows as a percentage of total issues surged above 2.8%. Second, notice that new highs were less twice the number of new lows. And finally, the NY Composite ($NYA) was above its 50-day moving average on Monday.
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http://blogs.stockcharts.com/dont_ignore_this_chart/2012/07/hindenburg-omen-triggers-as-new-lows-surge-nyhl-nahl-nya.html#.UBAH0WHwsqM
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