The panic selling finally hit yesterday but at the end of it all, it was dip buyers who prevailed.

US futures are pointing sharply lower once again as the uneasiness from last week continues. However, after yesterday's late comeback, it is going to make for a rather interesting and likely wild session of trading in the day ahead.

For now, S&P 500 futures are down 1.4%, Nasdaq futures down 1.9%, and Dow futures down 0.9%. That is weighing a little on the overall mood with the dollar keeping steadier across the board.

I would say if dip buyers can stage another comeback today, it bodes well for sentiment through to the end of the week. The Fed will be the key risk event still to watch but I'm not sure if Powell has the guts to rein in the party.