We're now an hour into US equity trading and there's no a single green candle on the 15 minute chart of the Nasdaq.
Even with that, US Treasury yields are at the highs of the day.
The signal here is that deleveraging is in full flight. It's a terrible outcome for the bulls and raises the risk of a deep fall in risk assets as the market loses confidence in Powell to cool inflation or loses confidence in the economy to spur growth.
This price action is so ugly that I can't rule out some kind of flash crash.