It's going to get ugly today

It's 7:30 a.m. EST and the markets are nervous and jittery.

It 's not going to be an day.

U.S. Equity markets are under heavy pressure this morning before the opening.

Here are the key support levels to watch today in the major indexes.

S&P: 1,489 SUPPORT

I would not be surprised to see these levels give way as early as today. If that happens watch out!!!

Investors are nervous, very nervous as todays economic news goes from bad to worse.

Stay alert and focus on the trends.

More than half a century ago, then-General Motors President Charles Wilson was quoted as having said, “What’s good for General Motors is good for the country.” That quote came to epitomize the auto giant’s arrogance. ... Fifty years later the world has changed as General Motors takes its biggest hit ever .... 38 billion dollars. OUCH!!! now that's going to leave a mark.

Adam Hewison