S&P 500 headed to new ATHs, but was rejected premarket, and didn't quite regain strong footing since. It hasn't yet though broken below PPI aftermath lows – unlike the dollar that‘s flirting with breaking below the PPI announcement levels. Does that mean the high inflation impact is being brushed off as meaningless for Sep rate cut and more?

It depends where you look, and I talked this sector by sector in the extensive 16min long Saturday video, covering counterintuitive gold, silver and oil reactions too (predicted correctly for clients). Yields also didn't conform by retreating – is that a function of increasing supply hitting the markets as TGA is being replenished (Q3-Q4 perspective)?

This happens at a time when inflation is objectively heating up, including services inflation that can't be ascribed to tariffs (their impact as these make their way through the supply chain, through wholesalers to the retailers, is to be felt some more still). While not in the limelight, tariff wars aren't over – so what can you make of XLY bucking the trend and scoring a respectable weekly gain while Friday‘s data show that the consumer is getting more worried about inflation down the road, and job creation is slow (balance that one out with immigration action). Or the action within tech?

Once again, review the video to assess SPX vulnerabilities to the upside or downside. Jackson Hole surprise?

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