Remember how quiet the market was in early to mid- January? Each regular-session auction between Jan. 4 and 23 could be summarized like this: The E-Mini S&P 500 futures spend yet another day rotating between the mid-2250s and low 2270s. For nearly three weeks, the contract made zero progress, while folks in the media and active traders grew justifiably frustrated with the market’s lack of directional conviction.