Concerns over the US Congress ability to pass new tax legislation is growing, weighing on stocks. API reported yesterday that US oil stockpiles grew 6.5M barrels last week, a surprise coupled with an IEA report showing oil demand growth to decrease in 2018 are suppressing oil prices which are down about 4% since last week. Today’s economic data includes CPI, Retail Sales and NY State Mfg Survey @ 8:30am EST and Oil Inventories at 10:30am EST which will be given extra attention today considering yesterday’s API report. Volatility has been loosening up as the ES moves away from its 2594.50 all-time high. Over the last 2 weeks, the 5-day ATR has increased from about 13 points to 18 points, nearly a 40% increase. The 2562 area is a critical line in the sand area for the bulls to hold; otherwise we could see some significant downside action. Overnight Size bias is short into the 8:30am EST numbers.