Futures spiked after a lower-than-expected CPI print, though it also marked a sixth consecutive YoY rise from April's 2.3% trough. Washington announced substantial new sanctions on Russia's two largest oil companies—Lukoil and Rosneft—plus dozens of subsidiaries. Trump said he was terminating U.S. trade talks with Canada, citing an Ontario ad that used Ronald Reagan's voice to criticize tariffs, while in Kuala Lumpur U.S.–CN economic talks opened and CN confirmed Vice Premier will meet Bessent on Oct. 24–27 to help defuse tensions. Trump said he expects to reach agreements with CN-X next week—potentially covering resumed CN soybean purchases and limits on nuclear weapons—and plans to discuss CN's purchases of Russian oil and paths to end the war in Ukraine. Attention now shifts to next Wednesday's FOMC decision and the planned Trump–CN-X engagements next week, including their Oct. 30 meeting at the APEC summit.

ES1!6817 posted a new ATH after the CPI print, confirming our prediction earlier this week that we'd see a new ATH later this week if ES closed above the mid-channel. ES also hit and reversed sharply from our 6760 resistance in the morning session yesterday.

ES resistance levels: 6833–6835

ES support levels: 6804–6806, 6791–6794