The S&P 500 futures started slipping after 6am with a brief bounce into the cash open. Since then, the selling has been pretty steady. Last night, I was thinking that wave [IV] might still be in construction, but this drop probably confirms that we are now in wave [V] of iii down. Aside from some consolidation in the early afternoon, I imagine traders have their eye on roughly 4200, specifically 4195 and thus think it likely bears keep the pressure on into tomorrow.
Checking in on bonds, we see that they are falling lower through the wave (V) of [V] targets. Now resting on 110^22, but I can’t rule out a try for 109^19 while under 112^02.
Taking a quick look at crude, there was a bounce to 20 EMA on the 240-minute chart. I think the form would look better with at least one if not two minor lows before a more significant bounce.