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US futures 

The S&P 500 futures are down 0.2 percent, the Nasdaq futures are down 0.3 percent, and the Dow futures are down 0.1 percent for the day. 

That didn’t take long, since the risk-averse mood from last week persists. The charts for US stocks are now looking bad, which is a difficult one to overcome. The real concern today is that this correction will have to run many deeper legs before stabilising. One may argue that it was long overdue.

Dollar 

• The dollar continues its gains as risk sentiment begins to deteriorate. 
• The dollar extends its lead over riskier currencies. 
• The AUD/USD is currently down about 0.7 percent to 0.7135, closing in on the 7 January low of 0.7130. A break below there opens the way to some modest support at 0.7100, followed by a possibly sharper loss back to 0.7000. 
• Elsewhere, the USD/CAD is regaining ground over 1.2600, as oil trades down for the day, with WTI currently trading below $85. Meanwhile, GBP/USD is closing in on 1.3500 after breaking over its 100-day moving average.
• Once the figure level loses way, the slide in cable may accelerate into the 50.0 retracement level @ 1.3455.

• NZD/USD falls to its lowest level since November 2020. 
• The pair is presently trading below 0.6700, down 0.4 percent. 
• Sellers are attempting to breach critical support at the 0.6700 level, which helped to halt the first drop in December. The 38.2 retracement level at 0.6702 adds to the support layer, but both look to be losing way today as the price falls to 0.6690. Of course, the daily/weekly close will still decide the alleged breakdown, but given the current risk mood, a comeback may be difficult to foresee. The next realistic objective on any dip from here would be 0.6500, followed by the 50.0 retracement level at 0.6467.
• Those will be critical levels to monitor if we do see a break to the negative extend deeper in the sessions ahead. 
• For the time being, it’s all about risk sentiment, and there has been a distinct trend of dip buyers failing to increase confidence since last week. That indicates a lot about the potential for this correction to continue, especially because the technicals confirm it.

Bitcoin

Bitcoin’s price has now dropped by more than half of its all-time high.

Bitcoin is down more than 7% on the day to below $34,000 

Bitcoin’s all-time high was $69,000 in November, and its value has dropped by more than half since then. The 7% decrease today extends the bearish trend that began with the $40,000 break last week. It’s not looking good, and as previously stated, essential support is closer to $30,000 to $32,000. The former, in particular, will be a critical point of interest in determining what happens next for Bitcoin and virtually all other cryptocurrencies.