I have been bearish for a couple of months... S&P 500 target of 950... I'm now in good company. BofA/Merrill's market technical guru agrees !

BofA-Merrill's Mary Ann Bartels thinks the equity market has begun a correction that could last into October. "Since early August, the VIM (volume intensity model) shows rising distribution and falling accumulation. This suggests that sellers are stepping into the market."

And if the S&P 500 were to break 1010, she says, a deeper correction would become a bigger risk, with 950 and even 878 coming into view.

Earlier in the month she wrote that a head and shoulders pattern may be forming in the S&P with “a left shoulder at the January high, the head at the April high, and the right shoulder developing over the summer/fall.”