Equities slipped again on Thursday with the S&P 500 falling more than 1.0% at the close of the session. The move is driven by a growing fear the US economy has been broken and will result in a serious recession over the next year or so. The day's move took the S&P to the lowest level in two weeks and has it on track to move even lower over the coming days.

Next week the market will be on high alert for housing data in the form of Housing Starts and Permits and Existing Home Sales as well as the Index of Leading Indicators. The latest housing data suggests a 30% YOY decline in housing activity and there is a chance the figure could grow with the August data. As far as the leading indicators go, that index has been running negative for four consecutive months and is expected to show another decline in US economic activity.