I've plotted this before, and it looks like we're finally done with wave 4. Europe is more than likely going into a recession, China deal has little to do with them.
Futures follow European markets(just look at last night) so it's going to be an uphill battle for the market even if the US doesn't go into a recession. Not to mention those bastards inverted the yield curve today. That really tanked the market, especially financials.