S&P 500 invalidated the key bull flag thesis laid out in yesterday’s chart section, and both 3,815 and low 3,770s supports gave way. I think markets are positioning for too hot CPI beating expectations, in what results in a boat inordinately tilted the risk-off way, positioned for still accelerating inflation beyond the consensus 7.9% YoY. True, I‘m looking for a sticky figure likewise, but would be happy about 8.1% that still has the potential to generate some relief for risk-on assets. Q3 2022 hedge fund letters, conferences and more In such a tight trading range pre-CPI, it‘s key to think i…