Panic Mode

Everyone is getting in their bunker and the new buzzword is derisking.  The market gapped down big and unlike past instances, it just kept selling off.  This is a definite change and an indication of a scared market.  I don't think anyone wants to take home risk overnight and we'll likely see further weakness.  I think an intraday reversal seems less likely and the more likely scenario is just selling throughout the day and a very volatile Friday.

After 1075, I see support at 1068 and 1062.5.