US stock futures are flat after the S&P 500 lost 37 points yesterday.

The story of 2014 (especially the final quarter) was bouts of persistent selling and buying. It’s like the market doesn’t have half-gears, it’s all-or-nothing.

Given that, I see the risks to the downside once again, especially if the trend from the Oct/Dec lows at 2015 breaks.

SP 500

S&P 500

The main fundamental risk is the ISM non-manufacturing index out at the top of the hour. We previewed the FX impact but stocks could also get testy on a soft reading even if it means the Fed is less likely to hike.