Muted Market Reaction ... So Far

After a slew of economic data, let's just say that the markets have exhibited a muted reaction so far...

That said, if ES climbs above 5900-5902, the index will be poised for a run at the post-4/07 high-zone at 5920/27. Otherwise, a decline that breaks 5877 will leave ES vulnerable to downside continuation... Last is 5884.75 after initially popping to 5895.50...

As for YIELD, it too is stubborn on the downside like ES. In reaction to the data, YIELD is basically unchanged at 4.53% as we speak, which is too high for comfort for the Bessent Treasury. If YIELD remains "bid," its next target is a test of early April Tariff Liberation Day highs at 4.59%, which more than likely WILL get the attention of the equity markets... 

Let's see if anything Powell says in his speech moves the markets...