If you are the superstitious sort, today’s U.S. session will include a total solar eclipse hitting the Continental United States for the first time since 1979. Many theories have been put forth on the impact of such events on the market, including the “eclipse crash theory.”

Personally, I find more merit in market fundamentals and technicals. But if U.S. equities experience unhinged selling today, then we can certainly blame it on the cosmos.

Yellen And Draghi

So far today, trade of U.S. equities has been uneventful. As my colleagues, Rowan and Arslan covered earlier today, the meeting between ECB President Draghi and FED Chairperson Yellen has the attention of the financial community.

Unexpected market volatility is possible, so be aware of any comments coming out of Jackson Hole, WY.

U.S. Equities

The S&P 500 has taken a considerable hit recently, posting its second straight losing week. Both the Dow 30 and DJIA followed suit. Are we entering full-blown correction?

September E-mini S&P Futures- Daily Chart

Right now, fundamentals are dictating the direction of U.S. indices. While the tensions with North Korea have dissipated a bit, weakness in the technology sector has been an anchor on these markets.

Overview: For the immediate future, I am taking a bearish stance on the U.S. equities markets. The Emini-S&P futures have shown no resiliency over the last 3 sessions. Investors are cautious going into September’s FOMC, so there just isn't a tremendous amount of buyers in the market.

There are some key long-term technical levels coming into play facing the SPX500 and E-mini S&P futures. Stay tuned for potential trade ideas. In the meantime, be sure to check out the trading signals from FX Leaders for detailed trading plans facing all major global indices.