Todd Colvin of Mark IV Brokerage discusses the recent action in E-mini S&P 500 futures, which opened higher before drifting lower to close unchanged near 7,450. Colvin highlights how easing U.S.-Iran tensions and a 7% drop in crude prices helped decrease some inflationary pressures. However, he notes that rising rate expectations are pulling equities lower, as markets begin to anticipate a potential 25 bps hike for September ahead of Wednesday's FOMC meeting. Colvin also points out an unusual divergence where volatility nudged higher despite flat index prices, as traders look ahead to incoming economic data like the ADP employment change and Consumer Confidence.