The price action is pretty grim for the stock bulls. This weeks SPU low of 1097 is a 30% correction from the 2008 low. We could of course hold here, however my interest gets peaked 80-100 points lower in the S&P 500 Futures 1023.50-1006 which is a 50% correction with huge stops below.

Today traders should focus on the Swiss franc for a market tell. “134.84-133.75 Futures” is a key zone which is app 74.25- 74.85 USD/CHF. A close above 74.90, in all likelihood, would mean we’ve seen the worst of the RISK OFF TRADE. By holding 74.25 USD/CHF we should see more equity weakness with a very high fear factor.