The S&P 500 closed at the lows in each of the past three days with selling picking up late int he day in each case. The selling has started a bit earlier today and it’s spilled over into USD/JPY as the pain is enough to drag yields from the highs.
The trigger for the latest wave of selling was a break of the July low 4385 and we’re now at the worst level since June 28.
SPX daily
Tomorrow is monthly options expiration and along with the spike in 0DTE options trading, there is no good reason to fight this price action.