Afternoon Update- Ugly, But Probably 1-Day Oversold

3:31 p.m. ET The averages sit near session lows. It’s a tough environment today with the U.S. Dollar Index jumping an eye-popping +1%. The averages sit near or at session lows with Dow Transports leading negative divgernece taking hold of Dow Industrials and starting to pull them lower. Small Caps are also a clear area…