Massive one day drop yesterday looks to be continuing today.. It appears the bears are targeting this green zone. Of note is that the measured move has been completed so some buying may start early. I would expect any bounce or rally would be met with heavy selling in the area of yesterday's close at 13355.
Comment:
Got the early bounce from the measured move right back to yesterday's close where it has stalled. It's now all about the CPI data coming out tomorrow at 830 ET. A surprise increase in inflation will likely send the NAS back down. If its a lower inflation number then NAS should rally. NAS is very bear biased right now. Many expecting much a deeper sell off. This may happen but also can lead to a big short covering rally. Tomorrow's data should give us some direction.
Comment:
Coming into the green zone. Price may flush through and reclaim. Really needs to find support at the 618 to avoid a deeper selloff.
