We like the resolve of the market. It was poised to be crushed, but it is managing to hold onto gains. The Street has mixed reactions to recent comments from Atlanta Fed Bolstic and San Francisco Fed Daly. Both fed speakers mentioned expectations for interest rates to rise above 5%, indicating more pain ahead. 

The Atlanta Fed GDNow was a robust 4.1% thanks in part to strong components across the board. Private investment residential investment declines are being offset by robust inventories.

Eight sectors are posting gains this afternoon, though most of the winners are just above the flat lines.

Market breadth is bullish this afternoon with up volume higher on the NYSE and Nasdaq.

More aggressive Fed policy continues to remain in focus.