Futures have bounced about 1% overnight, retracing a Fibonacci 61.8% of the losses from Thursday’s highs.

continued for members…

Note that this is also the red 1.618, a significant enough Fib level in of itself. Our analog says it won’t go any higher…

…but, much of that depends on whether or not VIX breaks down to tag its SMA200.Futures are getting some help from the weakening yen this morning… …though the EURUSD’s next breakdown is likely getting underway. BTC is threatening to break out again. I don’t see any reason to believe it this time either.Oil and gas are split, with RB off slightly and CL up slightly. The 10Y is quiet this morning, eyeing Friday’s CPI release.We have consumer credit coming out tomorrow afternoon. There is a growing concern, shared by yours truly, that the coming recession is not only already here but is being papered over by consumers tapping into credit cards and home equity loans. These data, then, could help clarify the situation.

GLTA.