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Markets bounced right off the 50-DMA Monday in an initial test of support in the consolidation of correction activity. But futures are opening a bit weaker this morning for yet another test of the 50-DMA, which markets need to hold if they're going to continue this consolidation process. The MACD oscillation is almost complete, turning the sell signal into a buy signal. When that happens, we can then more safely increase exposure in areas we want to be in. Downside risk still exists ahead of the Jackson Hole meeting, and the chances Jerome Powell could say something to spook markets. Meanwhile, the MACD is still elevated, needing to get back below zero and into an over-sold condition for much better buying opportunities. Patience will be your friend as markets work through this process.

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