The news coming from FTX is not over, and the market is worrying it could get much worse. Not long ago, headlines the entire FTX’s legal team quit sent the market to the lows of the session.

Uncertainty in election results is also weighing on the market. The S&P is down 1% with 3,802 and 3,820 zone still key.

Real Estate is the only best performer this afternoon and Energy is the worst performer. We are worried WTI has not broken out and think a deep recession can hurt it. Oil is a darling, but a lot of late bandwagon jumpers do not give us great comfort.

There are more decliners than advancers this afternoon, with overall volume light but very bearish and 378 new lows on the Nasdaq.

The market will be turning attention to the CPI report tomorrow. Inflation has been one of the sticking points of the current administration.