The market is exhibiting resolve, which has been a hallmark of this rally. Especially this year as the notion of a friendly Fed faded and was replaced by the notion of a strong economy.

Herein lies the rub- are we still rooting for a good economy?

The CPI report is out in the morning.

These numbers rarely come in too far off consensus, but here's the way JP Morgan sees the stock market potentially reacting. 

Bond yields are slightly unchanged - it's all a waiting game now.

A Couple of Observations.

The market climbed out a deep hole at the start of trading, but it was too soon.  It does underscore the resolution; however, it also means buyers are champing at the bit.

For all those who say Technology (XLK) is overvalued, take note it’s the only sector higher right now.

The rest of the session depends in part on the treasury auction.