Dan Deming provides a technical and fundamental breakdown of the equity index markets, highlighting a consolidation phase for S&P 500 futures. Prices traded just below the all-time closing highs seen in the previous session, holding near the 5,377.75 level. Energy stocks provided some underlying support to the broader market, offsetting weakness in other sectors. As earnings season winds down, market focus shifts heavily toward upcoming CPI and PPI data to gauge potential Fed policy moves. While the S&P 500 showed relative strength by only slipping 15 bps, other major indexes faced steeper declines, with the Russell lagging behind and dropping roughly 0.66%.