SPX: Bullish pennant, but CPI can decide the breakoutS&P 500SPCFD:SPXProfessorSingapore📊 SPX: Bullish pennant, but CPI can decide the breakout SPX is compressing inside a bullish pennant after a strong rally from the 7,320-7,400 area. Price is holding above 7,697, but buyers still need a clean breakout above 7,760-7,796 to confirm continuation. The index is trading near record highs, but the market is cautious ahead of the U.S. CPI release on August 12, 2026. Recent upside was supported by strong earnings, AI optimism, and weaker jobs data that reduced fear of an immediate Fed hike. But oil volatility and inflation risk are still the main pressure points. So the pennant makes sense: buyers are not giving up, but the market is waiting for the next catalyst. RSI is near 49, so momentum is neutral. Stoch RSI is low, which can support a short-term bounce attempt. MACD is fading, meaning SPX needs a real breakout, not just sideways compression. If SPX breaks above 7,796, the bullish pennant can open the way toward 7,850-7,880. If price loses 7,697, the pattern weakens and the next support is 7,640, then 7,536. ⚠️ Not financial advice.