As discussed in the video, it was important to see the Asia session and the S&P 500 strengthen with follow-through to the upside in the European session to set a foundation for the US trading session creating anticipated close of 4120. Instead, the market did not firm up in the Asia or European sessions and with the report of target and Walmart on increasing cost pressure the market broke to the downside. Without new news a continued dramatic move lower would not be expected on Thursday but rather a smaller range day as the market stops to catch its breath.