Dan Deming of KKM Financial breaks down the latest price action in the equity index futures markets. S&P 500 futures drift lower for a second session after reaching an all-time high last week, as markets digest a combination of geopolitical tensions and mixed economic signals. With major retail earnings largely concluded, attention shifts to signs of a slowing economy and the longer-term effects of inflation. Deming also highlights relative strength in Nasdaq-100 futures compared to the broader market and notes the potential impact of expiration week dynamics on short-term market direction.