It’s a big week for economic data, but the market is still marching to the tune of the Iran War — with an assist from the 0bvious suppression of vol. Futures are flat despite having rallied on the prospect of a deal with Iran that has failed to materialize over yet another weekend. Each side blames the other for setting unrealistic conditions.

As politically unpopular as the standstill is for Trump, a resumption of bombing would be even worse. So, he seems resigned to talking tough and letting the Pakistanis ferry talking points back and forth to the equally intractable Iranians.

While ES is hanging around important overhead Fibonacci resistance, SPX is still in no man’s land.

VIX and VX are still loitering above their SMA200s.

And, WTI futures are still near their highs.

It’s unlikely the FOMC will do anything on Wednesday other than bemoan the tough decisions they face.