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S&P Futures (ES) Breaks Through Key Support; 200-day EMA Next

CME_MINI:ES1!   S&P 500 E-MINI FUTURES
S&P             Futures are seeing a large sell-off, after putting in a double-top through a longer-term wedge pattern. Current price action has broke the large, ascending trend line first created in in 2012; subsequently, that was the last year the S&P             saw a 10+% correction.

Reality sucks when key data points deteriorate. Housing data is continuing its downward path, while we seen car sales disappoint. Jobs data Friday will be key, but it, too, has seemed to hit an inflection point.

The problem is not that the data is absolutely horrendous, but it's nothing to write home about. Unfortunately, equities continued to price in as the hopium would continue. We also have to price in the uncertainty of geopolitical concerns and what may happen with Ebola now in the US.

Not to get all doom and gloomy, but, well, it's been a long time coming.

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