To many traders, the Dow’s third straight triple-digit drop Friday was a splash of cold water. After a long rally that began last March, the three-day selloff suggests buying interest could be waning.

Of course, no recovery is without its stumbles, but this drop was the Dow’s largest since October. Now, the question is whether the market is in the midst of a significant correction or just another blip?

Here are five signs Wall Street veterans will be watching to assess whether the market has further to fall.

In the near term, traders can look to earnings reports from Apple (AAPL), Yahoo (YHOO), Texas Instruments (TXN), AK Steel (AKS), U.S. Steel (X), and Caterpillar (CAT). Investors will have an eye on Apple for signs of consumer spending, and on...