CPI Expectations: 

• Headline CPI (Last Month's Figure): 9.1%.
• Headline CPI Expectation (Year-Over-Year): 8.7%.
• Core CPI (Last Month's Figure): 5.9%.
• Core CPI Expectation (Year-Over-Year): 6.1%

What Do I Think?

• Technicals matter but mainly the levels. With a big fundamental event like CPI, you can't rely as much on technicals. This could be a nice trend day. 

THE PLAYS OF THE DAY for WEDNESDAY for SPY:

• Scenario 1: Headline CPI is higher, and Core is at estimate or higher - Grab puts and ride SPY down to sub 400. Buy near the open and sell at the close. 
• Scenario 2: Headline CPI is lower, and Core is lower - Grab calls and ride SPY up to over 420. Buy near the open and sell at the close. 
• Scenario 3: Headline CPI is slightly lower, and Core is at estimate - No clear move here. I would wait for a possible move upward and look to play some more puts at a certain major level 413? 417? I am not sure, I will have to wait for the chart to show me the resistance. 
• Scenario 4:  Headline CPI is at expectations, and Core is at estimate - Same move as scenario 3. 

Levels I am Watching

• $SPY - levels 396 > 401 > 404.40 > 408 > 410 > 413 > 416 > 420 > I refuse to go higher on the levels.