Futures are off moderately, giving up about half of yesterday’s spike.As of yesterday’s close, the S&P 500 is off just over 20% – the worst calendar year since 2008.

continued for members…

The wait should be over come next week. DJIA’s impending SMA200 backtest still presents the biggest potential risk to bears. A sharp bounce off the channel top and SMA200 would unleash some pretty bullish algo activity.Currencies are generally quiet this morning, with EURUSD’s slight rise offsetting USDJPY’s slight drop.

Oil and gas are on the rise this morning, with CL staying ahead of its SMA10, which just crossed the SMA20. Though it’s back in the rising white channel, the question remains whether China’s ongoing COVID debacle will take a toll on prices. RB is trying to push above its SMA50 and a TL from its June highs. If able, it could take a run at the SMA100 and SMA200. But, I have a hard time believing this bounce.I’m still more fond of a backtest of 1.8949 coinciding with TNX backtesting its SMA200. But, we’ll see soon enough…