Downside momentum continues to build, and we have the CAC and DAX breaking below their initial Money Flow Unit (MFU) targets and poised for another leg lower. Spain's IBEX continues to weaken and has been leading the major European indices lower. We don't find the U.S. major market indices in great shape either as they too have revered from either long-term MFU targets or areas of resistance. The Dow Transports is holding up well, and we see near-term upside in the Dow Utilities. The XLK - Technology SPDR ETF had been diverging for a number of weeks, and we see another 5% downside at a minimum from here. In Asia, the Nikkei has broken important support, and downside momentum is building. We continue to be cautious the Kospi as well. In commodities we remain favorable towards Crude Oil and Gold. No change in the currency markets as we remain bearish the U.S. dollar and see continues upside in the GBP and Euro.