A very rough night in Asia (2% declines on the Nikkei) and weak earnings in Europe have equities on the eastern side of the Atlantic lower and credit spreads wider. Commodities are basically treading water on high volume, with oil down but products up, while the USD is at session lows along with UST yields. There’s no economic data in the US today, but there were a ton of earnings reports for investors to deal with overnight. 

Barring a big rally today, the chart below is the one practically every technician will be brooding over this weekend. After rallying but coming up just shy of its 200-DMA on Tuesday, the S&P 500 has seen two straight days of declines and is on pace for a third down day today. The failure of bulls to get the S&P 500 above this level on the first attempt is not the end of the world, but it doesn’t help short-term sentiment either.