CPI Data Pretty Much As Expected

And the data say:  

Well, progress on CORE y-o-y is being made, otherwise, the data came in pretty much as expected. Translation:  Market reaction initially will tell us whether or not traders are encouraged or disappointed by the pace of downside progress on CPI... 

At the time of the release, ES was trading at 4427.50...now trading at 4411.50, suggesting that in the absence of a blow-out bullish reaction to the CPI data, perhaps the week-long rally has reached the point of near-term "sell-the-news" upside exhaustion?  Key support resides from 4406 to 4400... 

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