Equities are holding 'off their lows' for now as Treasuries are pushing on to the lowest yields of the day (swinging from +4.5bps to -5bps now). Gold has pushed to the highs of the day (with Silver +1% from Friday's close). S&P 500 futures sit at the lower-edge of their 3-month up-trend channel and today's volume on the downswing was notable. Risk-assets in general are tending to be more risk-averse than stocks though we would not be surprised to see a pull up to around 1515 for a VWAP test before resuming any down-trend. JPY is up 0.5% against the USD but overall the dollar is higher on the day also weighing on risk-appetite.
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