The S&P 500 index has pierced the weekly lows (24 Jan 4,222.62), printing a low of 4,221.51. 

As per the prior analysis, If Russia does invade Ukraine, this could finally spark off the crash 'puts' have been telegraphing, the Ukraine crisis has started to play out as warned:

Amid Ukraine/Russia tensions and the potential for slowing growth, markets have been trading far more defensively on Wednesday, tipping the stocks markets over the edge of the abyss, almost:

SPX weekly chart

In the above analysis, the index has been shown to form a topping head & shoulders on the weekly chart with the price just having broken the prior weekly lows of Jan 24 2022. This is a significant development for financial markets are a pivotal point in the Ukraine crisis that just turned up a notch. 

More to come...