The chart of the S&P 500 E-mini futures shows how much the market hinges on the US inflation figures as we've been trading in a tight range for days. Before the US CPI, we will see the US PPI data today which will likely trigger a spike out of the range in either direction depending on the outcome.
The CPI is more important but given the worries around inflation, we might see the market turning more defensive into the CPI report if the PPI figures surprise to the upside. Conversely, soft readings might lead to a rally although I wouldn't expect much follow through until the CPI is out of the way.
S&P 500 E-mini Futures 15 minutes