This was a very choppy, challenging week... though you could have said that about just about any week this year.

However, we are heading into a critical period next week because we have the CPI on Tuesday and the FOMC on Wednesday.

Today's hotter-than-expected PPI reading hurt the "peak inflation" narrative, though the market seems to be taking things in stride for the time being. A hot CPI could definitely cause problems for the bulls, especially since last month's was cool.

We do have new ranges to work across the indices and individual names, with which is helpful.

Energy seems to be changing character (and not in a good way), so it will be interesting to see if tech can lead us higher.

We are seeing pockets of strength in names like Tesla (TSLA) and Netflix (NFLX), though it would be nice to see some more momentum in the semis and in Apple (AAPL).

Unfortunately, we took Netflix off yesterday on Wednesday ahead of today's surprise upgrade, though that's the risk of respecting levels. Sometimes, things bounce right back.

Hopefully, we will have opportunities to put on some new names early next week.

Enjoy your weekend.

-Scott