Todd Colvin examines the recent price action in the equity markets. E-mini S&P 500 futures opened the week lower, closing down about half a percent just south of the 6,390 level. Despite remarks from the Fed Chair addressing long-term inflation expectations and short-term energy price fluctuations, equity markets remained subdued and did not rally. Meanwhile, volatility remained unchanged on the day, though it continues to hold well above its moving averages and levels seen a month ago. Traders are now looking ahead for market clarity, anticipating upcoming data points including the Chicago PMI, Consumer Confidence, JOLTS, and Friday's non-farm payroll numbers, with first-quarter earnings set to begin in about two weeks.