Potential for a local bottom around $18300

RSI on daily timeframe is showing regular bullish divergence (price making a lower low but RSI making a higher low). We saw a pump while we were waiting for the cpi data only for markets to dump when said data was released. I think its possible we see something similar here. Most analysts agree that a 75 basis-point hike is pretty much a certainty at this point (small amount leaning toward 100). Most of this has already been taken into account by the markets hence the dump we've been seeing. But I think a further dump will probably require wednesday's catalyst rather than speculation.