Today’s sell-off across equities and crypto cannot be attributed solely to the SpaceX IPO narrative, nor to the solid housing market, based on today’s Existing Home Sales prints , which evaporated the probability of a rate cut and rather increased that of a hike. One possibility worth considering is that markets are beginning to position defensively ahead of tomorrow’s inflation data. I am not suggesting that anyone has access to the numbers beforehand. Rather, when uncertainty is elevated, large participants often reduce risk before major macro releases instead of waiting for the actual print. If tomorrow’s inflation data comes in hotter than expected, today’s price action may prove to have been an early warning. If not, markets could quickly reverse and recover part of the decline. For now, the data remains unknown. The only thing we know is that risk appetite deteriorated significantly ahead of a major macro event. NFA. DYOR ⚡