Oil still drives SPX in a positive feedback loop. Oil has been trading horribly since the the Chinese fixing last night and has continued to drift firmly lower, below bearish trendline support. This doesn't look to abate anytime soon. With SPX below 1938 fib extension, 1917 is next level of support from August's decline and subsequent recovery. Longer term I see no reason why the same catalyst (Chinese devaluation fears) can't bring us back down to August lows at 1870.
