Cycles show further weakness for Gasoline while Equities could bottom in late July

The dramatic 9%+ CPI print only temporarily resulted in Equity weakness before prices reversed back to near unchanged for the session.  As discussed, markets likely remain within a triangle consolidation pattern, and those seeking immediate resolution in either direction might be disappointed.  The early pullback held late June lows at 3738 which will continue to be important in the days/weeks to come.  Meanwhile, any move above 3873 ...

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