I won't tell you that risk levels are low, they are very high. China didn't have a good night as panic selling came in as they experienced a 7+% drop on the Shanghai Composite.
At the same time,we have something they don't have and that is a Fed pumping in money.
Below is our Inflowing Liquidity chart and it did show a drop last night, and the tick was a slight lower/low so that should be very concerning. The Inflowing Liquidity levels need to hold today in order to avoid further trouble.