Equities plummetted again on Tuesday following another escalation of fighting in Ukraine. A convoy of Russian military equipment is bearing down on Kyiv and threatens to topple the embattled country. The news helped to send the price of West Texas Intermediate up by 10% and to a new high, breaking the price action out of a bullish pattern and putting it on track to set a new all-time high within a matter of weeks. The S&P 500 shed nearly 2.0% on the news and is threatening to fall back below the important 4,300 level once again.

Trading today will be impacted by geopolitical news as well as economic data. The ADP report is due out and could alter the tone of the market. Last month, the ADP came in well below expectations and pointed to topping if not contraction within the economy. If that story is repeated with this month's data it will be another weight for the market to bear and the market is already buckling.