I am out this week, but wanted to share this ^SPX -0.20%  chart which appears to be growing close to resistance after having exceeded 5391 and now just below the key downtrend from July. However, the broader rally from early August is quite constructive, and as such, I do not expect any August drawdown to breach early August lows. As hourly charts show, one can make the case that this current rally might be nearing resistance into CPI Wednesday morning. Fib projections look to target 5442 up to 5538. The key takeaway from this entire rally from 8/5 is that the price action is constructive, but just growing near-term overbought and nearing important levels.