SPX500 | CPI in Focus as the Market Waits for a BreakoutUS SPX 500OANDA:SPX500USDSroshMayi The S&P 500 ended Monday nearly unchanged as investors balanced renewed uncertainty surrounding U.S.-Iran negotiations against optimism that the Strait of Hormuz could eventually reopen, easing pressure on oil prices and inflation. Market sentiment remains supported by strong second-quarter earnings, while last week's weaker U.S. jobs report has reduced expectations for an immediate Federal Reserve rate hike. However, all eyes are now on this week's U.S. CPI inflation report, which is expected to be the primary catalyst for the next major move in equities. Technically The market remains in a bearish consolidation between 7740 and 7777, awaiting a confirmed breakout. As long as the price remains below 7777, the bearish correction is expected to continue toward 7710. A break below 7710 would expose the next downside target at 7622. However, a 1H or 4H candle close above 7777 would invalidate the bearish scenario and support a bullish move toward 7809, followed by 7850 and 7924. Pivot Line: 7777 Support: 7740 – 7710 – 7622 Resistance: 7809 – 7850 – 7924