Deron Wagner's overall bias has not yet changed. Still, it would only require one of the major indices closing firmly below yesterday's low to break below its 20-day EMA, and therefore warrant a change in short-term bias.

If the dollar strengthens today on weakness in US equities, this will act as a rather powerful feedback loop putting more strain on equities, emerging markets and commodities.

We have to remember that the world economy has never, ever been in a fix like this.

The indices suffered a down day to start the week. Most of the losses occurred in the first half hour.