obviously looking at a nice gap down on futures in a few hrs from the weekend Iran news

This is the 'key' folks, almost always the charts set up for a move before the news, where they morph into bearish or bullish configuration's, which makes them vulnerable to a news induced event.  Back in February the market indexes were technically vulnerable to a correction with weekly MACD divergences and flattened daily MA's, then we get the IRAN news catalyst to cause the market correction (that was already set up in the charts, just needed a spark).  Same this time around, after an impulse rally off the lows and clearly quite overbought and in need of a wave iv correction, the market needed a news catalyst (spark) to cause this, and this weekend are are getting that.  

It's almost in a way that the market predicts the news (not exactly) but the charts setup for that move before the news.  Next time the market indexes technically set up into a bullish or bearish configuration, realize that means many times some news item is coming that will be the spark to cause that patten to play out. 

Next time I'll start saying 'okay guys the charts are setup for a move here, let's see what news item comes out in the next couple days to cause this LOL