Tons of economic data in the last two weeks, and outside of the labor reports, it been ugly.  This morning’s housing starts and permits swooned.

• Starts at lowest level since May 2020
• Permits lowest level since June 2020

On top of these developments, it appears a sense of restraint is washing over the Federal Reserve, as more members are saying let’s slow our roll.  Brainerd and Williams are going to speak later today, as well.

Still, the market is lower, although, not in panic mode. 

The VIX is higher, which means investors are less complacent – the next resistance point is 24.