MARKET CONTEXT
March E-mini S&P 500 futures are modestly green, up about 20.50 points. VIX is at 22.89, down from yesterday's 25.50 close — volatility is compressing. CPI lands at 8:30 AM ET, which means the pre-market can reset the entire tone before the open. Tuesday's tape leaned green, with major indexes up roughly 0.3% to 0.5%, which is exactly the kind of recent price action that tempts traders to anchor too hard to what just happened.
We're mid-week, which means you now have two days of results shaping your mindset.
TODAY'S TILT RISK: ANCHORING
If Monday and Tuesday were green, you're anchored to the idea that this week is "easy." If they were red, you're anchored to the idea that you need to "make it back." Both anchors are lies.
Today's market has no memory of your P&L from yesterday. Your P&L statement is not a setup.
Anchoring is the most invisible bias in 0DTE trading because it doesn't feel like a bias — it feels like context. But "SPX was higher yesterday, so this dip is cheap" is not analysis. It's a story your brain made up.
CPI mornings make this even worse. Traders walk in thinking yesterday's levels matter, then one print hits and the whole board reprices. The market is under no obligation to respect the levels you got comfortable with.
TODAY'S TILT RISK: ANCHORING
If Monday and Tuesday were green, you're anchored to the idea that this week is "easy." If they were red, you're anchored to the idea that you need to "make it back." Both anchors are lies.
Today's market has no memory of your P&L from yesterday. Your P&L statement is not a setup.
Anchoring is the most invisible bias in 0DTE trading because it doesn't feel like a bias — it feels like context. But "SPX was higher yesterday, so this dip is cheap" is not analysis. It's a story your brain made up.
CPI mornings make this even worse. Traders walk in thinking yesterday's levels matter, then one print hits and the whole board reprices. The market is under no obligation to respect the levels you got comfortable with.
THE CHECKLIST
☐ Have I set my max loss for today? $________
☐ Am I trading a setup, or chasing a move?
☐ Is my position size within my rules? Max contracts: ________
☐ Have I identified my exit before my entry?
☐ Am I trading my plan, or my emotions?
ONE RULE
I trade today's chart with fresh eyes. Yesterday's price is irrelevant. I do not use the words "discount" or "expensive" based on yesterday's levels.
Trade your process. — The Desk