CPI Data Fails to Move the Market Needle

After the CPI release, what can we say? The data failed to move the market needle but did not alter expectations about a rate cut at next week's meeting. If anything, the data tilt The Street toward a 25-basis-point rate cut rather than a 50-basis-point cut.

As for ES, although it has reacted negatively initially (see my attached 15 minute chart), the weakness has not inflicted any technical damage to the near-term, rangebound setup as prices continue to gyrate between 5495-5505 on the high side and 5450/60 on the low side... Last is 5488.00