KXCPINDEX, a derivative instrument tracking the Consumer Price Index (CPI), is showing signs of a bullish trajectory based on the latest settlement data. The index settled at 336.94 for September 2026, marking a distinct increase from the 334.98 settlement level recorded in August of the same year. This 2.96-point rise in the CPI-U, all items, NOT seasonally adjusted statistic provides the foundational bullish signal for the index.
Further reinforcing this upward momentum is the acceleration seen in the Cleveland Fed median CPI. The annualized monthly % change for September 2026 was recorded at 2.81, a significant jump from the 2.10% figure observed in August. This divergence suggests that the CPI-U print is not an isolated event but part of a broader, accelerating inflation trend.
Source: SEC EDGAR daily Form 4 filing index, 2026-09
What would change this read
The bullish thesis for KXCPINDEX relies on the premise that inflation is accelerating. Should the CPI-U settlement statistic for the relevant period remain flat or show a negative year-over-year change, it would contradict the current acceleration trend and likely trigger a bearish shift in the index's valuation.
