Last week, I mentioned that we often see a 7 day rally following a 90/90 day downside day (Strong Futures and Euro, but Likely a 7 Day Bounce Only).
We saw something similar in February.
Hence, my expectation that this bounce will not have a lot of legs, and we could see more macro weakness in the coming weeks.
I do not see sufficient evidence to conclude a recession is likely any time soon; At this point, market weakness looks more like a correction than a crash. That will obviously change on new data, and can turn on a dime.
What would change my views? If we were to see a 90/90 up day, or a major change in Market Breadth or High/Lows I would reconsider this . . .