Bunds have breached the 120 level, as stocks have sold of today. S&P 500 futures also have fallen below the 900 level, as the start of the correction continues.
Euribor spreads still maintain there upward bias but seems to have stabilised. Short sterling spreads have stayed in a range for 3 days now which is a shock, but a relief at the same time, as trading was becoming a real struggle.
Looking at Bunds, 121.50 looks like the next stop in the medium term, and to the downside we arte looking at 118.50.
For the S&P 500 the bears will feel they have gained the upper hand after breaking out of a sustained consolidation zone to the downside and having retested and held below key support they will be looking to establish a bearish down trend. With the break of 899.25 their first significant target should be at 849.00.
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