US stocks impressively bounced after a slump at the open but that bounce has steadily faded in the last hour and have just taken out the earlier low.
I'm not seeing much corresponding weakness in risk-FX but it's something to keep a close eye on as there isn't much support below for US stocks and the moves lately have been violent.
There's a particular focus on meme stocks today and tech. The Nasdaq is down 0.9% but still well-above the session lows, which were close to 2%. However the rally started with Tesla and shares of the carmaker, which were up 40% from the recent bottom, are back under pressure.
Shares in GME have also given back a large part of the intraday gain.
