The KOSPI was pounded overnight by 6%, and that had the US equity futures under a little pressure ahead of the open.

The S&PS opened down a touch, and after a brief attempt at a rally, the S&Ps rolled over and began to slide as the SOX and QQQ dragged everything lower.

For the close, the S&Ps would go out on the worst levels of the session with a loss of half a percent, while the SOX would lose 4 percent and the QQQ nearly 2 percent. Keep an eye on that H&S top that the SOX and SMH are sporting. It looks to fall through the neckline SOON.

The dollar was firmer, with the DXY picking up a touch after finding support at 100ish. Yields also rose slightly.

Commodities were lower, including crude, which slipped a percent despite continued fighting between Iran and the US. Iran also notably threatened to take out oil infrastructure at surrounding nations if the US took out its power grid.

Gold slipped overnight to around $4020, and after a brief bounce up to $4042 when the US session began, the metal rolled over and plunged to as low as $3974 as the dollar firmed. After a bounce back up to over $4000, the yellow metal slumped again in the afternoon to make new lows for the day before bouncing a little to end back at its morning low of $3974 for a loss of 2 percent, which leaves it about $35 from the June low.

Silver traded similarly overnight and after a bounce that once again (as has been the pattern as the silver/gold ratio has broken down and is nearing its Feb low) underperformed the bounce in gold, the white metal rolled over and plunged to just below its June low and to as low as $55.42. Following a bounce back up to $55.40, silver slumped again into the close to go out back at its earlier morning low at roughly $55.50. Silver in all the other major foreign currencies also made new lows, which silver in GBP appeared to tip us off to yesterday with its breakdown.

The GDX opened down at yesterday's low and then plunged to a new low for the move since the high and would go out near the lows of the day with a loss of over 3 percent.

Given that gold hasn't taken out its June low yet and the bulls have been pretty predictable about defending levels, perhaps gold can lead some sort of bounce tomorrow and drag silver and the GDX back up to the falling 5 dma? But if that does happen, it's probably another bounce to be sold.

I personally don't believe this slide ends until we see some sort of flush to the downside, but perhaps that will be postponed until next week? The timing is always the tricky part.

My gold model likely moved to a Tier 3 BUY. That's the good news, and subscribers can check to be sure in the AM when the Morning Note is posted. The bad news is that it has typically taken several days of a Tier 3 BUY in order to form a tradable low. So, buyers need to beware of being early.

Positions: Short SPY, QQQ, MDY, and IWM. Long DBA, IBIT, and STRC.

Metals: Long ZSL and GDXD. Long SLV 50 puts for tomorrow.