 Early trading showed some resilience in equities but thats quickly evaporated. The selling picked up after the soft US services PMI and thats interesting because it means that the bad-news-is-good-news narrative is failing. Thats because the Fed appears to be determined to hike despite mounting signs of a slowdown.Said another way, the market is growing more worried about a tougher recession.Technically, this looks like a head-and-shoulders top with a target at 10,400, or ano... 