S&P 500 futures are at session lows and down 64 points as the market battles worries about Ukraine, omicron and tech stocks.

Sentiment is roundly negative across the asset landscape, picking up from where we left off last last week.

SPX daily

This has turned into a nasty correction but I expect to see a bounce late today or tomorrow. At some point you need to wait for the bombs to start flying before hitting the panic button.

Meanwhile, Powell will come out on Wednesday and announce the taper will end on schedule and that a hike is on the table for March. That shouldn't be a surprise to anyone. He's also likely to continue to make the case that inflation should largely come down on its own.