Be defensive and know your levels is the best trading knowledge anyone could drop at this point in time..
The chart to the left is a 4 hour which has been developing a descending triangle for the past 3 months, the hypotenuse has been tested nearly 6 times always failing to make a higher high. 1110 was the break down level, breached today. 1072 is the rounded off year low, we traded slightly below though the candle did not close below 1072. below 1072 there will be sell stops which will indeed coincide with key levels in beta as well as many commodities which have rode the wave higher in lockstep with each other..
If we let our linear past dictate future moves one could expect the ES_F to jump back to say 1150 in short time in a massive squeeze. If this happens and the catalyst is spun out to be positive news you can assure yourself it is malarky because the 4 hour chart shows nothing but sharp rallies follows by sharp declines to lower lows. very bearish.
Ashes to ashes we all fall down.