1. Earlier today, the CPI report was released. 

From CNBC:

The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.

Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.

Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.

Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.

2. Markets are extremely oversold right now so that is really the only bullish case I can make. Remember, nothing goes up or down in a straight line in markets. 

3. The US congress just approved $40 billion for Ukraine. This is one of the biggest reasons why the markets cannot stabilize.  The more the west gets involved the worse it gets for markets. 

4. Gold is catching a small bid today, but it should go lower.  Gold futures have solid support around the $1785 area. 

5. Bitcoin is slightly lower today testing the important psychological level. I think the pattern suggests a move lower to 27,000 is next.