PMIs came out strong on Monday pointing to no slowdown (yet). The Fed hiked 50bp, and the market took it well. Also watch out for long positions in the market trying to play the rebound.
If you look at the checklist above, you see strong growth (with sticky inflation) and strong earnings. It simply does not ring bells of recession (yet).
In conclusion, strong data might help the Fed to stick to its hiking plan and that in turn makes for range-bound markets.
Show me the data
Here are the links to all the data points discussed above: