The market is down, but not as much as one might have expected coming into the session.  In fact, it exhibited some resolve but there is too much pessimism to take the bait this early.

Stocks found some buyers when new home sales imploded. Down 12.6% month-to-month and 30% from a year earlier.

Average selling prices erupted to $546,800 from 457,300, but supply is now over 10 months. 

Flash PMI reports are out this morning. The US plunged to a reading of 45, its lowest level in 27 months and the lowest among developed nations.  

These sharp declines in economic data makes me wonder how much Powell is taking care to not overtighten. 

Right now, it's clear the NASDAQ wants to move higher and crude oil has a great risk-reward ratio here.