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Overnight low breaking. Don't try to be a hero here. Leave that for the BOTS and funds with deep pockets... :)

Spiked above yesterday's LOD, but didn't hold it. NQ leading lower. I have 3500 marked out on my weekly chart. Maybe we'll see it today, but it may be bumpy. If we can see a good trend day lower we shouldn't trade above 3605 today from here.

Tricky spot here. Dip buyers not letting this go easily.

We're far from seeing any panic yet. :) Hungry dip buyers showed up below 3600, though. Can't rule out an attempt to put in a double bottom here.

I know a good trader who claims to be doing precisely that. Always out of the market when things aren't clear or the market is choppy and cleaning up when his play is setting up.

Good observation. And I mostly agree. Most of my losses comes from participating either on sub-optimal plays/days or when I'm not in a good state of mind to be trading. Such as Sunday night when I was about to hit the sack or a Monday morning before going to the office. Thank you.

Both my daily and weekly model give (very) good odds for continuation lower today, but it's obviously not always right. Obviously. And what's not a factor in that prediction is yesterday's double bottom on the daily. We can't rule out someone trying to put in a bottom or betting on one from this...

Or we go range bound - which is the case for the week so far. Would be boring if we're in a tight range all week until Wednesday/Thursday. Market's trying to BO now, though.

Covered at 03 for a 9 point loss. I'm still thinking continuation lower, but we may see a bounce going into the Open first, so probably too early. In hindsight I should have taken this off B/E easily after the bounce on that double bottom, but wasn't around to manage it. Higher low on NQ.

Sell the rumor, buy the news. What if... ...last time that CPI report was front-runned because major players were anticipating it would be good? What if... ...this time the CPI report is front-runned with major players anticipating it will be sh't?

May add a unit if we break. Not confident enough to do it right now.

Weak bounces...I'm a late short here at 3594. 20 point stop. I think we'll see a bigger move once this level breaks. 3550/3500. It's of course possible we'll see another pop first going into the Open.

That was my thesis, too, and I considered a long overnight, but glad I dropped it. Maybe a weak bounce from here into the RTH Open, but my weekly predictive model gives good odds of continuation lower already today, unless, we reverse strongly and open gap up in RTH. Doesn't seem very likely...

Interesting. You have an example? I'd say the daily momentum on the 3rd of October and the following day were pretty good. FWIW, I'm not betting on this area to hold. Pretty sure we're headed lower.

Don't forget the monthly chart which looks like a "disaster" as of now...

A wasted afternoon. 1 tick gross profit. Hardly enough to offset my loss from the overnight session... :) From my POV, we're in a difficult spot right now here at the lows. I've been a bit of a bear lately, but I'm finding it harder to trade the short side lately. Maybe range bound until...

Question is - higher or lower going into Thursday's big mover? We're already down quite a bit from last week, so my simple and naive view/guess is that we're likely to see a move higher first and sell off post CPI if at all.

Looks like it... Probably a bit too late for a big move higher before the official Close, so most likely a close between 30 and 50. I'm positioned long anyway just in case and will see where it goes.

Or maybe not... When I spoke about a triple bottom earlier and @Buy1Sell2 said we haven't had a double bottom yet, I was referring to the June low and the bottom/reversal we had on the 30th of September and the 3rd of October. Of course, we overshot the exact June low by a bit, but close...

The buyers from 13:46 are ready to hit the bid any minute now. ;)