NEW YORK ( TheStreet) -- Last week, I cited a confluence of fundamental events and technical chart signals that suggested a near-term top was developing in the S&P 500. In the last two sessions, the SPDR S&P 500 Trust ETF ( SPY) has hit lows 3.5% below the all-time peak posted on Aug. 2. After six straight days of losses, this marks the worst bear streak in more than a year. All 10 industry groups in the S&P are moving lower, and the Dow Jones Industrial Average is in the midst of its biggest slump since July 2012, now trading firmly below the 15,000 mark.The latest run lower has been driven by minutes detailing the Federal Reserve's July Federal Open Market Committee meeting, which open the door for reductions in quantitative easing if the economy improves. That added element of uncertainty has spooked investors and led to another round of risk aversion, which means lower stock prices, renewed selloffs in emerging markets, and a higher U.S. dollar.