1. Markets are trying to rebound after a tough period last week. Everyone is now looking for Fed Chairman Jay Powell to say the day as the central bank pow-wow from Jackson Hole, Wyoming is held later this week. Chairman Powell is scheduled to give a speech this Friday at 10am ET.

2. Some surprise news came out of China last night. The People's Bank of China lowered its one-year loan prime rate by ten basis points to 3.45% while the 5-yr rate was left unchanged at 4.20% against expectations for a bigger cut. The bottom line, China has some serious problems right now and the economy is starting to show what the stock charts have been saying for a while.

3. Oil is bouncing a little today after pulling back last week.I'm in the camp that oil has made a near term top on August 10th at 84.89. A pull back to $75.00 is now in the cards, but it will not go straight down. There are always geopolitical events that can change things at any time.

4. Yields are rising again this morning. The 10-year note yield is now trading at 4.35bit%. As I have said before, yields have a floor under them and should ultimately push higher. The important 2-year yield is now at 4.98%. A move into the 5% handle will likely spook the stock market again.

5. Gold is flat today. The precious metal has been trending lower on the daily chart. It still remains above the important 200-day moving average, but if that gets breached on a daily close it could signal further downside.

6. Bitcoin is flat today. The popular crypto name broke down late last week and now has a failed pattern on the weekly chart. I would run from it now. The best moves come from failed moves and this thing flunked.