Morning Express

E-mini S&P (March)

Yesterday’s close: Settled at 2957, down 153.25

Fundamentals: The S&P has now lost more than 500 points and 15% from its fresh record last Thursday. Yesterday’s failure to hold 3050 into the close was a sure sign of more pain to come, something we voiced here in our Technical section. On a fundamental basis, uncertainty is arguably at a peak heading into the weekend; this is driving price action as markets hate uncertainty. The death toll in China is nearing 3000. Deaths are slowing stacking up in Iran, South Korea and Italy while such is also emerging in France and other nations. U.S benchmarks were working to stabilize after what was a budding capitulation yesterday morning, but the construction qui