The market is anticipating the impacts of a strong jobs report on inflation, with expectations of higher rates and no cuts in 2023 due to core inflation. The Federal Reserve's slow rate increases are seen as insufficient to curb high prices. The market is also bracing for potential aggressive rate hikes if employment remains high. The upcoming CPI release and the start of the earnings season could trigger market movements. JPMorgan, Wells Fargo, Blackrock, and Citibank are set to report earnings on July 14th. The SPY ETF's performance is being closely watched, with its price overdue to break beneath the 20 Day SMA.