Equity markets pulled back on Tuesday due to a double dose of fear-inducing news. The first is fear of a renewed crisis in the banking sector. Fitch warned it might have to downgrade some banks, including top names like JPMorgan Chase if credit conditions deteriorate much further. The second is new out of China that include weak industrial production. The news raises the fear that economic momentum will quickly fade and impact GDP and S&P 500 earnings.

The S&P 500 fell more than 1% at the sessions low. If the index closes lower for the week, it will market the 3rd straight week of decline. The price pullback marks a top for the market; the question is how deep the pullback will be. The way it looks, the pullback is gaining momentum and could gain additional momentum this week when the FOMC minutes are released. Signs the Fed is still hawkish will weigh heavily on the outlook for economic activity and earnings.