Markets around the globe are sharply lower, with much of Europe down by 2% or more, and the S&P 500 futures pointing to a decline of about 1.5% to start the day. However, much of Asia is closed due to the Lunar New Year, and that maybe adding a layer of uncertainty as well.

S&P 500 (SPY) 

The most important thing for the S&P 500 at this point may be the trend line, which finds its origins back to the beginning of October.

A break of that trend line would suddenly make the pullback from something minor to something more severe. It could result in a drop back to around 3,200, to start. Let us hope the Futures can find a bounce at support around 3,230.

VIX

The VIX is surging above 17 to nearly 19. It looks like our VIX options traders are going to do alright for themselves. Mind you; I had been seeing this increasing option betting well before January 21. The chart appears to suggest the VIX could rise to around 22. 

10-Year

We see a flight to safety into the 10-Year bond with yields dropping to1.6%.

JD (JD)

Stocks like JD.com are falling sharply. I had been looking for the stock to rise to around $44, but it never made it quite there, instead only reaching $42. Now shares appear to be heading the other way, as the shares search for support around $36.40.

Nvidia (NVDA)

Nvidia is another stock I saw rising to around $268. Instead, it only made it to only $259.50. So again, another stock that got close to my target but now moving the other way. I hate it when stocks get close to my 2.5% margin of error and fail without crossing the boundary, but such is life.

Now the stock will need to try to hold $236.

Disney (DIS)

Disney is cracking today, and it seems like the stock is going to head back to $132. People are not going to be going to Disney Shanghai since it is closed, and with the virus spreading, it could surely affect other Disney theme parks, and maybe even the movies. Ugh. 

Roku (ROKU) 

Roku is breaking through support today at $128, and that could mean the stock is heading towards $116.

Western Digital (WDC)

Western Digital is also falling, and it will need to hold support around $66, to avoid a further decline to perhaps $61.30. Again, another stock I had seen rising to around $76. It only got to $72. sucks. 

Good luck today!