The S&P 500 is trading at the lowest since November 13, after taking out a key support level and falling 1% on the day.
S&P 500 daily
The total high-to-low correction is now 4.6%. It was 4.7% in August and 4.8% in Sept/Oct but both those corrections bottomed out above the previous substantial low.
With bonds, USD/JPY and now stocks all falling below key support levels, it’s very difficult to build a technical case for risk trades.