The market continues to be lost with respect to a lack of catalysts. These days, that means moving lower as doubt opens minds to anxiety and fear.

There are a number of issues, but they don’t seem to have the heft that would justify the degree of weakness in the market.

I do think weakness in crude oil is weighing on the entire market.  Just 24- hours ago the story was China reopening and adding to demand.  But crude turned hard yesterday, and it continues lower today.  Maybe this is the recession story personified.

I don’t know, but it’s not good.

Banks continue to move lower as well, which seems very odd.  This is all pressuring the S&P 500, which is near a key support point of 3,945.  If it can't hold off the pressure soon, we might see it fill that downside gap - note that wouldn’t be the end of the world, as filling gaps usually trigger directional reversals.