A number of big companies will be reporting earnings on Thursday and have the potential to influence the market strongly over the next two days, but the market's larger bias is showing signs of initial confirmation of a larger daily correction.

The global financial system is falling apart, and the world economy is slowing down.

The market displayed another strong intraday showing on the upside on Tuesday and volume was high, but some change of pace on a 60-minute time frame is needed to support any larger correction off lows.

Some traders get a little more aggressive when they are seeing a Head and Shoulders pattern and don't wait for the breaking of the neckline to make their next move.

Professional system trader Art Collins shares his daily biases in the index, bonds and currency futures markets for July 16.

The US Oil Fund ETF (USO) plunged from around 118.50 to nearly 110.00.

All the world's major markets are in major declines.  The worst hit so far are those in the Far East.

Federal Reserve Chairman Ben Bernanke's semiannual testimony on monetary policy to the Senate revealed increasingly bearish views on the US economy, and mounting concerns about rising inflation pressures.

The US headline consumer price index for the month of June is expected to rise 0.7 percent upon release at 8:30 ET, while the annual rate of growth is forecasted to jump to a nearly 3-year high of 4.5 percent.

The market's inability to follow each of the strong pushes higher with a more gradual pullback increases the risk of yet another strong breakdown on the daily time frame.