The S&P 500 futures experienced significant volatility over the past week, driven by technical levels and market reactions to the Consumer Price Index (CPI) data. The market saw a notable relief rally initiated by the reclaiming of the 5414 level, which led to targets being hit at 5478, 5492, 5502, 5511, and 5519. Key support levels included 5400, 5410, 5438-42, and 5473, while resistance levels were identified at 5474, 5491, 5502, 5508, and 5533. The market's reaction to the CPI data was typical, with initial moves often acting as traps. The futures hit a high of 5560, marking the most impressive short squeeze of the year. Traders are advised to protect gains and monitor key levels for further market direction.