Tomorrow, July 13th, the June Consumer Price Index (CPI) report will be released. CPI is expected to rise 1.1% for June, compared to 1% in May. We may be near the peak of inflation, and the market will be watching closely for any indication of that. Expect increased market volatility on Wednesday as traders digest the data. The key levels we are watching on the S&P 500 Index (SPX) are 3850 for resistance, and 3800 for support. A strong close past one of these levels could indicate near to medium term market direction. A close above 3850 would be bullish, while a close below 3800 would be bearish.
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