This month's range projection target hit, so I am expecting some kind of a bounce from here in the short-term. We did break down all support zones from a technical perspective, so I would imagine that more probing is going to come. Interest rates have now broken all technical zones and we haven't seen some of these interest rate products hit levels like this since the 1980's

This Bitcoin hold is something to take note of though. It has been acting quite strong despite a complete destruction across most risk assets. As geopolitical turmoil still remains elevated, this could explain the bid across Bitcoin.

Nevertheless, yields are shooting higher.

The bear case: Buying the dip in this market has been a very tough proposition, and usually such a foray is paid off but that has not been the case. The DAX has now broken down a clean level for a continuation pattern to the downside.

Hang Seng has now closed below some very big support zones.

IWM/SPY ratio on the decline as well

Because of the relative weakness that looks more certain on small caps, I would wait until 165 on IWM for a bigger retest

Homebuilders breaking down

Defense names though... have been very, very strong. Lockheed price action basically says, "What bear market?"

DEF to SPY ratio

Gold to SPY ratio finally coming together as volatility gets moving. Like I said, this is when left tails are open.

One "easy" lean that seems to work is following copper to trade names like CAT. These are decent proxies for growth and commerce / trade in the world. This looks pretty bearish to me