July CPI landed at 3.4% year-over-year, down from June's 3.5% and exactly in line with consensus estimates; core CPI (ex food and energy) fell to 2.5% from 2.6%, also matching estimates. The report posted at 8:30am ET, after Tuesday's close and this morning's data pull.

Both readings moved the same direction: cooling, not accelerating, and landing precisely where economists expected. No surprise beat, no surprise miss, but a real data point ahead of the Fed's September 15-16 meeting.

The dollar (UUP) closed unchanged at 28.14 for a second straight session on Tuesday, before this morning's report; the Supercycle Score held flat at 21/100 ("Strong Headwind"). Whether cooler inflation moves either number is Wednesday's open question.

Not a single one of the board's twelve names confirmed GREEN on Tuesday: the first true shutout since this letter started tracking the board, a day after only natural gas managed it.

Corn (CORN, -0.40%) and soybeans (SOYB, -0.98%) both rolled into RED, confirming a fresh trend rollover across the grains complex.