The SPX has broken through a near term support level at 1280 this morning. If we close below it, investors have to seriously consider moving to the sidelines in tactical positions. Longer term positions are still OK here, but I would be seriously concerned by a move below 1225 on the SPX and 735 on the Russell 2000.
Treasuries are catching a safe haven bid; the iShares 7 – 10 year fund (ticker: IEF) has risen to the 200 day MA before pulling back slightly. This may be a transient panic move on the Japan news, but be ready to act as decisively as the situation develops.