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US equity futures are down slightly this Friday morning as we await July PPI following yesterday’s inline CPI report.  The market’s intraday action has been heavy so far this month with sellers stepping in every time prices tick higher.  For now, though, the S&P’s 50-day hasn’t even been tested yet, so it could be worse!

At this point, most sectors have 10-day advance/decline lines that are either oversold or just near oversold territory, meaning overbought levels from July have been fully worked off in the near term and we’re actually at a point where we could start seeing upside mean reversion again from a breadth perspective.

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