If, at last check, MBS and Treasury markets were bereft of further data for the day, and trading in narrow ranges with moderate gains for MBS, then nothing has changed in the past few hours.  In both markets, edification for those ranges has, if anything, developed even more as "trend channels" are ruling the day.

Simply put, trend channels are formed when connecting a series of peaks and valleys in the graph of price or yield action in such a way that the trendlines are parallel.  This can be plainly seen above, and is often seen when the market is moving with a lack of guidance and/or in low volatility.  Chalk the low volatility up to the lack of data today ahead of more important data in the days to come.

The convenience for the mortgage world is that the upper and lower limits of the channel provide ideal indicators for when momentum may be shifting.  If the lower line in the MBS price channel were broken, we could begin to look for other signs that the moderately bullish momentum today is shifting.  A breakout in and of itself doesn't mean reprices for the better or worse are soon to follow, but would at least serve as the earliest of indicators that we could start examining other aspects of trading that might provide more information about that.  Until that happens, however, not much to do apart from wait for more inspiring events tomorrow and make decisions about what you'll want to lock or float overnight.