Equities in a rough spot heading into European trading

• S&P 500 futures -0.7%
• Nasdaq futures -1.0%
• Dow futures -0.5%

The more dour mood is also weighing on European futures, which are set to open with modest declines later in the session. The prospect of higher yields continue to weigh, with 2-year Treasury yields up at 1.06% and 10-year Treasury yields up near 1.88%.

The charts are also starting to be a cause for concern for equities at the moment. The S&P 500 is going to be contesting a potential drop below its 100-day moving average later today:

Meanwhile, the Nasdaq broke below both its key daily moving averages for the first time since the pandemic drop back in March to April 2020:

That is quite the break in momentum and I fear things may get much uglier first before they get better.