The major indices jumped more than 1.0% as investors looked to the midterm elections and the changes they may bring. By the end of the day today, certainly by the opening of trading on Wednesday, the market will know if Republicans have taken control of Capital Hill or if the Democrats and the Biden Agenda have won out. Either way, the news will move markets on Wednesday and could impact the market's direction well into 2023.

The biggest risk this week is, however, the CPI reading which is due out on Thursday. The consumer level inflation is expected to remain hot on all levels but may show some slowing in the YOY comparisons if not enough to alter the Fed's stance on interest rates. The question that needs to be answered, however, is if the FOMC will hike by another 75 bps in December or if this data will give them the room to start slowing the pace of interest rate increases.