Even though there was a nasty little selloff Friday, the indicators are still bullish. The small caps have a little natural support at current price levels thanks to Fibonacci levels. The chart below shows the wave that occurred last week. The IWM should find some footing around the $113.25 - $113.68 range. Failure to hold that, however, may indicate continued selling.
The S&P 500 may not be completely done declining, but the 50% retracement coincides with a price volume node so we may see some support at the $197.34 price level.