US stock markets have fallen lower since the open with some notable selling seen in the US500. The first 30 minutes of trade saw the market fall around 10 points and price tumble from near the top to a fresh low for the week. Price is now testing the 2400 level once more.
Banking stocks are amongst the worst hit today whilst the 2 most significant pieces of economic data from the US were both worse than expected with the Chicago PMI and pending home sales both missing forecasts.
The Chicago PMI has shown a fairly strong correlation with the broader manufacturing index and the decline in the former today could be seen as suggesting a slowdown in the latter is likely.
On a daily timeframe a key level to watch going forward could be 2400 as this acted as resistance on several occasions before a clean break above saw price move to the recent record high of 2417.