The CPI numbers were released this morning and the Indices spent the greater part of the day in simple rotation. However, going into the close, they tested the lows for the day. While that suggests more downside tomorrow, I will be looking at breadth and volume carefully on any decline. If there is not the beginning of an impulsive move, then rotation back up will be a higher probability. Simply stated, we are in a rotational pattern and so far have not broken out.

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