10:16 am EDT:  The bearish trend off the (moderately) bearish CPI data pre-market has continued as expected, but accelerated on a much worse than expected Consumer Sentiment reading, which tends to mirror market action more than lead it.  Hence, the remarkable rally since July has effectively not impressed the average consumer (assuming the data is valid), and this in itself is bearish.

Longs in the ES need to push back above 1006.50 to have a chance at a strong close and will likely defend the 994.00 market profile point of control heavily and aggressive longs could fade long this area on a short time frame double bottom.  New shorts will be difficult to enter as this is shaping up to be a strong directional down day with few retracements.  If the ES rallies off 994, then we would hold out for the 1000 level or 1004, not hanging around short above 1006.50. 

Should the ES close below 994 today, we expect the rally is at least temporarily over and for declines to continue into next week.  Also recall that today is a POMO Agency day, and there is a good possibility of a rally from 3:30 pm to 4:15 pm, so day trader/swing shorts may want to cover prior to this time.