Recent rally on SPY. All eyes on CPI & 389

I'd be lying if I said I was expecting SPY & various names to hold up as well as they did after FOMC; basically, the only sector that died off as I expected was tech. I'm underwhelmed by the selloff we saw, to say the least. I've definitely given back more profit short than I would have liked to. I still expect downside- now, it's a question of how do we get there? There is a very high probability we test 389 AGAIN, in the near future- I'm guessing we could close there tomorrow as we head into CPI, and CPI may determine where we go from there(Thursday before the open). Previously, I would compare the action we were seeing to June; I'm not so confident it is playing out 1-for-1 as it did then anymore. My mind is open to just about every possibility as we head into CPI. If we are to pop through 389 on CPI, we've got a gap above that might be appetizing- I doubt we make it that high. I'm not expecting we get there, but only time will tell.