A reminder of what happened last month and which is very often the case on CPI/NFP/FED days, the first move is usual a fake-out:-
That's a 1-minute chart, though. And doesn't show where we're at in the daily cycle. Last month's CPI was released following a strong multi-day bear market rally. This month's CPI is coming off a strong drop near year lows. Sell the rumor, buy the news. Holding through the report is probably gambling, though, but I'd bet on a rally here if I had to.
You holding that into the report? I think you said you don't trade futures, but I wonder how much slippage there was on stops after last month's CPI report. I imagine it must have been considerable.
That was an insane drop. Again. I wonder what the slippage was on that for anyone with market orders. Glad I had the judgement to go flat going into that. And my sympathies to any longs holding into this. There's always been some spikey action on certain reports pre-market, but these last two have to be unprecedented as far as I can recall.
crazy! too fast to post but luckily got out of my long on the spike up for +16 and then watched it crash lol. Just waiting to get short now everyone saying 3300 next
I went short right before report release based on a TD Sequential Sell signal only to get out (don't ask me why) with a measly 15 NQ points before it waterfalled down. Damn