Ugly macro as the three swans are back with a vengeance.   China hard landing fears;  Eurozone debt and banking crisis (say it ain’t so, Mario!); and fears of a rapidly slowing U.S. economy.

Are the swans  in the latest quarterly earnings and, if so, is it priced?   Getting there after today’s ugly outside reversal.

The S&P500 did pass a crucial test bouncing off its 50-day.    Not so sure it does a second time, however, and we’re looking for a quick trip down to the 200-day moving average at 1304,  a must hold support level.

The biggest risk to our view is that the market feels like it is dominated by fast money so many thinking the same.    We all know what happens when everyone leans the same way.

Then again look at the world’s most crowded trade – short Euro/dollar.   Fundamentals do sometimes trump the technicals!

(click here if chart is not observable)