Stocks are getting smashed to start the week off, reversing the typical Monday gap higher routine. It isn’t just here in the U.S.; it is around the globe today. Germany and the UK are both trading lower by over 3%. The S&P 500 futures are now trading below that critical level of support mentioned yesterday.
S&P 500 (SPY)
The S&P 500 ETF (NYSE:SPY) is also trading support at 329.40 and is heading towards its next level of support around $323.60.
NASDAQ 100 (QQQ)
Meanwhile, the Qs (NASDAQ:QQQ)s are trading well below support at $264 and challenging the lows from Friday.
Dollar (DXY)
The U.S. dollar is also getting ready for its massive break out to come as it completes that bull flag pattern.
Gold (GLD)
Gold (NYSE:GLD) is also falling this morning and is getting very close to breaking support at $1,925.
Financials (XLF)
The financials are breaking down today, with the XLF (NYSE:XLF) falling below $24.20, and that significant uptrend we have been watching closely.