Futures are flat after enjoying a modest overnight ramp.

continued for members…

I’m still looking for a purple channel backtest, though it’s apparent that the situation is being hawked as a new rising channel. Note the nearly parallel red lines.

There are two competing narratives: a retracement from the white .618 to, say, the white .382 at 4085; or, a retracement to the .618 at 3902 on the purple grid.Given that ES, SPX and COMP have all retreated from their combination .618 Fibs and ES and SPX have have retreated from their SMA200s, it would seem the bearish scenario should hold. It helps that VIX is back inside the rising white channel.Obviously, much will depend on whether much is said at Jackson Hole regarding the pace of future rate hikes, etc.  But, for now, I believe the risk remains to the downside.

Little movement in the currencies except for EURUSD, which still appears to be slipping.

CL has backtested its SMA200 again, and RB is still slipping lower. But, apparently not fast enough for TNX’s liking.Keep an eye on pending home sales due out at 10am ET.