Futures are off sharply after NY Fed president John Williams’ comments regarding rate cuts and continuing weakness in chip stocks.

continued for members…

ES’ is testing its SMA10…

…while SPX should drop back below its 1.618 on the open. EURUSD broke out, but it’s not helping just yet… …especially as USDJPY breaks down below its SMA50.

Given the dollar’s weakness, it’s no surprise that oil and gas prices are higher this morning.