Before the Open (May 20)

Good morning. Happy Thursday.
The Asian/Pacific markets closed down across the board – there were several 1% losers. Europe is currently down across the board – several 1% losers there too. Futures here in the States are getting hit hard – there will be a big gap down near yesterday’s low.
The massive May 10 gap up has filled. Our shorts are doing great. The question now is whether we get the best case scenario (sideways trading) or worst case (a trend down). The market is at a dangerous place right now. The breadth indicators tell me if the market is to bounce, it needs to do it very soon, but as I’ve said several times, the path of least resistance is down and there’s so much unknown potential event risk that any bounce is likely to get sold into. My bias remains to the downside.
Here’s the 15-min SPX…possible support at the bottom of the pattern near 1095. Otherwise we must consider the near term trend to be down until it isn’t. More after the open.

headlines at Yahoo Finance
today’s upgrades/downgrades
this week’s Earnings Reports
this week’s Economic Numbers