No rebound today as the markets are looking much lower, even before that disastrous retail sales number.  A few feeble rebound efforts faded fast and now momentum is squarely to the downside.

Fed chair Jay Powell will be speaking at a Town Hall at 1:30 EST that will be closely watched. 

Despite all the economic misses, the chatter keeps growing louder that the Fed is ready to decrease its asset purchases.

That does not match the goal Powell has been advocating for so long. It will be critical to see if he says anything, either way, about shifting policy.

Only 61 of the 63 names in consumer discretionary are higher today.  Some of the losers are homebuilders, after a big miss on NAHB (more details in the morning).

Technical View

Key support on a closing basis is 4,423 (recent resistance points) then 4,387.