As market participants await the upcoming Consumer Price Index (CPI) report, expectations are centered around a core inflation reading of 27-31 basis points month-over-month, with the headline CPI anticipated at 2.7% and core at 3.3%. The swaps market is currently pricing the key rate target between 425-450 basis points for six months out, and 400-425 for 15 months, indicating a belief that inflation is not fully under control. The S&P 500 Index (SPX) is trading at 6,034, just above put support at 6,030, with critical resistance levels noted at 6,055 and 6,100. Analysts suggest that if the CPI report is benign, it could bolster the SPX, while the market is showing early signs of weakness ahead of the data release. The overall inflation trend remains elevated, keeping the CPI in focus as a key macroeconomic driver.