S&P 500 nears Tuesday's low in sharp drop

Not looking good for stocks

The drop in USD/JPY was the early-warning sign for stocks, something I wrote about earlier.

Now the wheels have come off for US stocks. The S&P 500 is down 39 points to 2769. The low on Tuesday was 2766. Expect another round of stops if the lows give way.

Commodity currencies are getting hit alongside the drop.