A.M. Update

S&P futures are down -1.2% following a strong 1-day overbought internals signal yesterday. The ECB cut rates for the 6th time in a row by 25bp across the board (Deposit rate to 2.5% from 2.75%; Refinancing Rate to 2.65% from 2.90%, marginal lending to 2.60% from 2.85%). Weekly initial jobless claims totaled 221,000 (consensus 234,000)…