How much longer will the sell-off continue? Seems like a good time to consult the charts with technical analyst Dan Fitzpatrick of StockMarketMentor.com

I’m bearish right now on the S&P 500, reveals Fitzpatrick. When I look out to the 200-day moving average in this index, I get concerned. I don’t know if there’s even been a time when the markets have had such as sharp sell off and then returned to this key moving average so quickly. Usually there are multiple tests.

80% of stocks in the MSCI World Index are trading above their 200-day moving average, adds Tim Seymour. That’s also a worrisome sign.

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Trader disclosure: On May 21st, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (APC) Call Spread; Najarian Owns (BX) Calls; Najarian Owns (INTC) Calls; Najarian Owns (ISIS); Najarian Owns (MOS) Call Spread; Najarian OWns (XHB) Call Spread; Najarian Owns (XLB) Call Spread; Najarian Owns (XLU) Call Spread; Najarian Owns (BP) Call Spread; Terranova Owns (GENZ), (ABI), (JOYG), (XBI), (TER); Terranova Owns Oil Futures; Terranova Owns Nat Gas Futures; Terranova Owns (DIS) Calls; (XOM) Calls; Terranova Owns June Gold Futures; Grasso Owns (NYX), (XLF), (RIMM), (V); Grassso's Clients Owns (PETM); Grasso's Firm Owns (WMT); Grasso's Client Owns (SUN); Grasso Owns (NYX); Seymour Owns (AAPL), (BBT), (BX), (EEM), (FLR), (TTM), (INFY), (MGM), (PBR); Seymour is Short (FCX), (POT)