Stocks Awaiting Key Macro Data

Stocks seemed to have topped off just below highs. Persistent risks like the impending Evergrande default, Fed tapering, and Omicron seem to be completely shrugged off. However we do appear to be in a sideways correction between 4668 and 4729. We are seeing both green and red triangles on the KRI corresponding to the upper and lower bounds of this range and suggesting a narrow band for the price action for now. Tomorrow is a big data day, as we will have CPI and Michigan Consumer Sentiment. It would make sense for stocks to hold the range in anticipation of this data. But if we do break out, 4729 should provide resistance. If we break down from this range then there is a cluster of levels below ending at 4632. Watch the vacuum zone below that to 4580.