According to The Kobeissi Letter, the S&P 500 has dropped below the 5700 mark, resulting in market cap losses of $700 billion on the day. This decline signals a potential shift in market sentiment and could impact trading strategies as investors reassess their positions.

According to The Kobeissi Letter, the S&P 500 futures are set to open 55 points lower, leading to a total market value decline of $700 billion since their pre-market high. This significant drop suggests heightened volatility and potential trading opportunities in the market.