I'll try to keep this short. This is our 8th day of sideways chop. As you can see on the $SPX daily chart, we spent 8 days in the same price area in late May/early June. I thought I would go back and see what economic data was released the week of June 6th when the bottom dropped out of the market, so I went back to the newsletter for June 6 and took a snapshot.

The answer: CPI. It came out on Friday, June 10th. But $SPX moved down out of the chop area pretty convincingly on Thursday, June 9th BEFORE the CPI release the following morning. Just some information to consider as we look toward the CPI release tomorrow morning.

This doesn't mean the same thing will happen. I've added the 10 minute chart from the newsletter on the weekend after the CPI release. As you can see, the market was down the morning of Thursday June 9th but still within the coil. It moved sideways in a pretty tight range until the last couple of hours that afternoon when it dropped out of the coil. Then there was a big gap down the following morning. 

Again, this isn't a crystal ball, it's just a look at what happened in a similar circumstance. We are at an inflection point, and I will be very curious watching the market this afternoon.