Market Recap 06/13: Overview of CPI report and inflation cooldown frenzy

S&P500 hits 52-week high, IWM call volume sets new record

SPX call wall this morning holds at 4400 after being pushed up from 4350 yesterday afternoon, showing clear bullish signs right from the morning. Major indices all surged strongly during the day with Small Caps continuing to lead especially after VIX was crushed hard post-CPI report, creating a mild shorts-cover rally ahead of FOMC. VIX then found a bottom indicating demand for short-term options hedging this week.

Call buyers nearly dominated the market after the first 2 hours of opening, with the lowest volume of expiring calls until Quad Witching OpEx on Friday.