Futures are off sharply overnight on Facebook’s sensational plunge.

continued for members…

The bigger picture shows it has further to go.

Recall that COMP was already in a compromising position yesterday. Today’s action should take the bloom off the rebound rose.

ES is off about 1.5%, giving up the SMA20, SMA100 and 4.236 Fib in the process.

This leaves SPX with a fairly well-defined new falling red channel. And, so far at least, VIX confirms the downside case with a bounce off the red TL. EURUSD is ramping higher, backtesting the TL from 5/21/21, despite the ECB’s decision to hold rates steady. This has put DXY’s red channel under pressure again.

GC and SI are off moderately… …and BTC has dropped through its SMA10.CL and RB are off slightly, with CL continuing what looks like a topping process and RB still looking technically overbought.

…and TNX with a very slight (so far) breakdown that you can’t see without squinting. more later…