Hot U.S. inflation data this week, an aggressively hawkish Federal Reserve and other geopolitical worries have the stock and financial markets spooked. The U.S. stock indexes slumped to contract lows late this week and prices are in solid downtrends. That suggests the path of least resistance for stock index futures prices will remain sideways to lower for at least the near term. You’ll get those early clues on price trend changes in all the markets by reading my afternoon reports. Stay tuned. Jim Wyckoff