Is the party over for US stocks now? Check out the S+P 500 futures this morning

Late yesterday evening an update here after the US closing bell touched on the impact of the earnings from Apple, Amazon and Intel on the S+P 500 futures. The reason for the focus here on that index is because it is the broadest measure of overall US stock market performance. Since that update and the 5.81% slide in the Nikkei 225 today, the outlook for the S+P 500 opening later today has understandably deteriorated. The most recent price action in the S+P saw it rebound from just below 5,400 twice since July 25 and reclaim levels above 5,500. Well, it is at risk of falling below 5,400 again later today and a break below 5,390 could be terminal for the index. It looks like the price action is telling us something right now. That something could be that the party is over and the bubble has burst. To be honest with you, increasingly it looks that way, but we have seen many times, just how resilient these US stock markets have been for months now. So, is this time any different? Well, in terms of forward valuations and relative earnings performance it could just be. It does not look too encouraging right now and as with the Dow Jones, it looks like the US jobs report might need to ride to the rescue later today. Watch out if it does not. The S+P 500 is currently priced to reopen at around 5,397