S&P 500 breaks the January low and erases all gains since the election

It's a flight to safety at the moment and it's accelerating. US two-year yields are down 10 bps to 3.87% as market participants look for somewhere to avoid losing money.

Technically, the picture is darkening in the S&P 500 with the January low breaking and all the gains since the election now gone.

The index is down 1.4% with the Nasdaq down 1.3% and the Russell 2000 down 1.6%.