July CPI landed soft this morning: headline 3.4% year-over-year, core 2.5%, both a touch below consensus. Futures ticked higher and the September Fed meeting is now priced as a hold, not a cut.

The dollar (UUP) closed Wednesday at $28.20, 81.8% of the way up its 52-week range. The Supercycle Score slipped to 18/100 ("Strong Headwind"), down three points from Tuesday's 21.

Five of twelve board names confirmed GREEN Wednesday, up from zero on Tuesday: Crude Oil, Natural Gas, Corn, Platinum, and the Nasdaq all cleared both bars (rising, and above their own 14-day average).

Copper flipped RED, the only confirmed loser on the board, even with its CCI still a strongly positive +75.3.

Oil's move is a supply story, not a demand one: roughly 27% of global crude flow reportedly disrupted through the Strait of Hormuz, plus a Ukrainian drone strike that knocked out Russia's Orsk refinery for up to six months.