S&P 500 and Nasdaq 100 in holding pattern ahead of CPI report

U.S. stocks are trading cautiously ahead of a key CPI release, with the S&P 500 and Nasdaq 100 stuck in a tight range near record highs. The article says realized volatility is subdued, speculators have trimmed net long positioning, and options activity points to hedging rather than aggressive directional bets. Technically, the market shows mixed signals with no clear breakout setup before the inflation print. Mega-cap tech is split: Microsoft and Amazon are relatively stronger, while Apple and Nvidia are under pressure. The broader message is that traders are waiting for CPI to confirm whether inflation cools enough to sustain the rally or forces a repricing of Fed expectations. Near-term market impact is likely choppy, rangebound trading until the data arrives.