S&P 500 futures did manage to coast a little higher in the early morning but came under pressure around 8am and accelerated on the cash open. Trend was down all morning, giving back all of the gains from yesterday. The aggressive bearish count would put a wave two completed and now early in wave three down.
The theme that I had in mind for today was that the market would be relatively tame today, holding up near the high of yesterday, waiting for the CPI numbers tomorrow. Instead, they sold the high from yesterday with much more seriousness than I expected today.