As we surmised Friday, SPX reversed at the IH&S neckline and moved lower. As was widely reported, hundreds of stocks flash-crashed into the close. This cast a negative pall into the weekend which continues this morning thanks to the negative QE news out of EZ and China. Futures are attempting a comeback, but we should see continued weakness after the early morning ramp. Lots of wildcards, though, as we have existing home sales from the NAR at 10am and lots of Fed-speak on deck.