CPI will exceed 0.3% today look for a very cautious market

The US is forecasting a 0.3% monthly CPI today, we think it will be closer to 1% for the month, given the cost of goods has dramatically increased in the US and just now being priced into the market.

Look for a return in the near term to the 50MA (332) and also the 1.27 fib at 326. A cooling the market needs to happen as companies continue to announce record profits based on a larger pool of money in the system.

Note: we hold shorts from 348-9 in this asset.