With it being the Monday after a 3.5 day weekend, with London closed, and no significant data on the econ calendar, today's marching orders are to act as a placeholder session. It won't necessarily follow those orders, but if any significant movement happens, it will have to draw inspiration from technicals and "new week" tradeflows after last Friday's sell-off was arguably fueled in large part by position squaring and/or profit taking.

The other way to look at it would be to view the 2 preceding days as position squaring following the tamer-than-expected CPI data.  This served to put a crimp in the uptrend that was in progress and Thursday ended up being an opportunity to return in line with that previous trend.  Meanwhile, a relatively strong bounce in oil prices hasn't been helping inflation implications.

Either way, last week left us with yet another unpleasant example of one huge day of selling that completely erased a previous consolidation attempt that lasted 2+ days.