Sharp drop in stocks
The dip buyers made a fleeting attempt to defend 4300 in the S&P 500 at the open but they've backed off and the index is down 68 points to 4290.
The mid-June high of 4260 should offer some support.
Notably, the bid in bonds has eased with US 10s trading at 1.28% from a low of 1.25%, though a short time ago we had traded back above 1.30%.
It's all about the ebb and flow of price action from here with nothing on the economic calendar to close out the week.
