COVID deaths continue to mount and the return to work pushes further into the future, a negative backdrop for equities at a time when they’re losing momentum from the reflation factors.

Futures are off mildly after bouncing off their overnight lows.

continued for members…

ES is off its overnight lows…

…but faces a bearish development in VIX… … which should see a 10/20 cross today……despite its pre-opening collapse.

The other factors have been less accommodating. DXY continues to slip higher toward our target……but USDJPY’s hesitation has somewhat offset… …EURUSD’s continuing slide.Not much happening with GC and SI. Note that although SI held important support on Aug 9, it has been rolling over since then and has yet to push through even its SMA10.CL and RB continue to slip lower at a pace which isn’t attracting much attention. The bond market remains somewhat stuck, not yet sounding any alarms. Last, BTC pushed back above its SMA200. So, it’s technically not in trouble at the moment – particularly as its Ichimoku cloud is turning green. GLTA.