Directional Bias for the Day: S&P Futures have been moving sideways to up since 4:00 PM between 5272.00 and 5257.75. Futures markets are awaiting the CPI report at 8:30 AM. The odds are for a sideways move with elevated volatility. Watch for a break above 5274.25 or a break below 5257.0 for clarity. The major…