CPI data for July will be released tomorrow and market participants are watching closely. In order for the market rebound to continue, we believe there needs to be a slowing or reversal in trajectory of inflation month-over-month. Expect to see increased volatility surrounding the release of the CPI report on Wednesday, August 10th. The key support level we are watching on the S&P 500 index this week resides at 4100, while key resistance lies at 4200. A daily close past either of these levels could hold clues to near-term market direction.
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