Making a fine run, S&P 500 retreated from a vulnerable level of 3,865, but the bulls didn‘t give up totally since. Still, this tough 3,848 – 3,855 resistance held, the breakout was rejected, and another attempt has to wait for the CPI aftermath. One good argument for a lackluster session today is the likely (dead cat) bounce in the dollar as the correction hasn‘t played out yet after yet another day deep in the red, which would coincide with a slight move higher in yields exerting pressure namely on tech. In short, stock bulls would be on the defensive today, and unlikely to make solid and las…

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