How I'm Trading CPI Day

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Our View

I am a longer term bull, but things felt a bit overdone yesterday and I said it about the NQ early yesterday. 

In the early goings there was a buy ES / sell NQ rotation and the ES seemed unaffected at first, but as the day wore on so did the Nasdaq, which got the best of the S&P and dropped 34.25 points from its high. I also mentioned how someone was laying into the NQ all day. 

Today's highlight is the Consumer Price Index (CPI) and according to Goldman Sachs, there could be minor revisions to the monthly core CPI inflation figures for the second half of 2023 which would align with the historical pattern of annual adjustments. The revisions are expected to reflect the significant slowdown in inflation experienced over the year, with a slight upward adjustment on average for the latter six months. 

That should be good news right? We will see about that.