THE PLAYS OF THE DAY for THURSDAY for SPY:

• We are going to skip all the recaps and technicals and make this post pretty cut and dry. 
• We have CPI on Thursday morning at 8:30am EST. This is all that matters and we should look for the following:
  • Core CPI over 6.5% - If we rip up, fade the rip. If we drop, follow the drop until a reversal candle comes in on the 15 min chart. Possible capitulation event if the reading is very hot. That would be an eventual move to the pre-Covid highs at 340 next week. That also puts the 100 BPS hike on the table for November's meeting. 
  • Core CPI under 6.5% - Market will move up. If it is under 6.2%, the market will roar up and test 380 in a short amount of time, possibly next week. 
• That's it for this preview. Big day ahead.