The current Global Market selloff started for a host of reasons, including concerns about the Federal Reserve interest rate actions, China’s weakening economy and currency action, combined with other economic indicators.  While Friday, August 21, 2015 was a remarkable down day marked by the breach of a giant S&P500 wedge pattern breaking, the wave of selling has set about circumventing the globe.

Normall dull Sunday futures trading was replaced with extraordiary selling for this early glimpse into trading. As of this writing, the $ES_F was already down 35 handles.

Traderfy on Twitter

The wave of global selling pressure continues. $ES_F drops 35 handles in Sunday futures trading. Seatbelt Monday!pic.twitter.com/SkvPP3sn92

In China, the Shanghai Comp dumped 7.8% and has removed yearly gains.

CNBC Now on Twitter

UPDATE: Shanghai Comp. briefly falls more than 7.8%, erasing its year-to-date gains; index now down 7.5% intraday.http://cnb.cx/1JKYtr8

and more on the subject here:

Wall Street Journal on Twitter

China shares wipe out all gains this year http://on.wsj.com/1LrJwYG pic.twitter.com/gh0YkPlZI6

The Chinese government seems to be taking action by releasing a flood of cash to combat the problem.

Wall Street Journal on Twitter

China to flood economy with cash, as global markets lose faith http://on.wsj.com/1V3nEHx pic.twitter.com/408FEoC0Hc

So, what does this mean for Monday trading. For me it is simple. Do what the charts are telling me, don’t come into the day with any preconceived ideas, and avoid falling knives at all costs.

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