Global equities are down solidly overnight.
The Bloomberg Financial Conditions Indices remain unaffected. The EU version is even up sharply.
Some more bullish thoughts include the following:
AAII bull ratio shows small investors throwing in the towel. It's a blunt timing instrument. Nevertheless, it is (contrarianly) bullish. Note the uptrend channel intact for the SPY as well.
Next, notice the BKX Banking index. Financials are a leading indicator.
It sports large relative strength and sits at its highs. The BKX is a glaring green bean. It nears the top of their trend channel. Near term, this is an obvious stalling point. Longer term, this is a bullish underpinning.
If the BKX holds here or moves higher, despite general market weakness, look out above for the next move higher when selling abates.