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S&P down to initial support; Slipping to join WTI, TNX and USDJPY

Less than 90 mins away from the opening bell, Futures have bounced a bit from early am lows, but most of US remains down nearly 0.70-0.90% while Europe is down more than 2% along with Japan, with the YEN at new 17 month highs.  Yields continue to fall globally, and the US Dollar is mildly positive, but Precious and Base metals are bouncing, w/ both Gold and Silver higher by more than 1% -  Overall, US Equities are down to levels that are important with S&P at 2037 hitting the trend from mid-March and then 2020.  Trends remain positive, but have wavered a bit along with momentum and breadth over the last week.  Until these levels are broken,.. 2035-7 and 2020,  it pays to buy dips.  However, there is evidence of USDJPY breaking down to join Crude and TNX, so historically this has led SPX also lower and could be important in the days ahead.  For now the US Equity markets have largely ignored the movement lower in Crude, Treasury yields and now USDJPY which have all been breaking down.  So immediate stabilization is a must for market Bulls.

Stocks like PHM, BWA, LM, VIAB, SLPH, BHI, RL, GT, FLS all hit multi-day lows yesterday and were some of the days worst performers of the SPX.  Given this weakness, this likely could followthrough today given that many are not near support,while futures are down nearly 1% ahead of the Open.  Charts and analysis below:

Price has fallen over 30 ticks from yesterday am, but is down to levels that are important to hold for SP June Futures

Price has fallen over 30 ticks from yesterday am, but is down to levels that are important to hold for SP June Futures

2037 held this am, while prior early March lows hit at 2035-  The entire area here is important between 2035-7 on this retest

2037 held this am, while prior early March lows hit at 2035-  The entire area here is important between 2035-7 on this retest

USDJPY down to important levels.   Prices breached former lows just below 111 and have tried to bounce in the last couple hours, but at current levels, prices would make new intra-day and closing lows here

USDJPY down to important levels.   Prices breached former lows just below 111 and have tried to bounce in the last couple hours, but at current levels, prices would make new intra-day and closing lows here