Dan Deming analyzes the equity markets, highlighting heavy selling pressure that pushed S&P 500 futures down 1.75% to levels not seen since September 2025. This marks the fifth consecutive week of lower closes for the index. The downturn is driven by persistent uncertainty surrounding Middle East tensions, leading traders to adjust positions ahead of the weekend. Deming notes the shifting dynamic as crude oil tests the 100 mark and interest rates hold at the top end of their recent range, prompting a re-evaluation of equity valuations. Additionally, three of the four major equity index futures are now trading below their 200-day moving average, with only the Russell holding just above it.