JPMorgan's trading desk has issued a warning that the S&P 500 is likely to become volatile in response to the upcoming Consumer Price Index (CPI) report on July 11. The CPI report, which is set to be released at 8:30 am ET, is anticipated to have significant implications for market behavior. Analysts and traders are closely monitoring the situation to determine how the latest CPI data might influence the Federal Reserve's confidence in its inflation control measures.