Small-cap shares were hovering near steady levels in morning activity, absorbing a large batch of data and Fed speak without any major price gyrations. At 10:03 a.m. ET, the Russell 2000 (NYSE:IWM) was down 0.63, or 0.09%, at 735.43.

The Philly Fed survey came in at minus 15.6, which was better than the projection for a decline of 19. That report was on the heels of the Industrial Production release and the NY Manufacturing Survey, providing quite a bit of data this morning on the manufacturing front — none of it all that upbeat. Industrial Production was pegged at minus 0.7%, which was below the forecast for a dip of 0.3%. Meanwhile, the NY Manufacturing data came in at minus 3.23 for May, below the forecast for 0.00.

In addition, the Weekly Claims report edged slightly higher to 371,000, which was just above the forecast of 370,000.

While investors were busy digesting a glut of morning economic data, Federal Reserve Chairman Ben Bernanke was busy talking about financial institutions and how to better prepare for crisis situations. His basic comments have been stated before, and the market appeared to focus on other factors for early direction.

Crude oil prices jumped back higher this morning, and were trading above $125 dollars a barrel. Pump prices around the country have spiked higher this week, which could crimp consumer spending habits. A direct victim of higher gas prices would appear to be retailers, but they have been fairing well of late, with the S&P Retail Index climbing yesterday and on solid footing this morning following better-than-expected results from JC Penney (NYSE:JCP), which was up 1.3% shortly after the open.

Among individual small caps, Yucheng Technology (Nasdaq:YTEC) gapped lower, shedding about 18% without fresh news to power the move. Also, FirstService Corp. (Nasdaq:FSRV) tumbled 13% on earnings news. ShengdaTech Inc. (Nasdaq:SDTH) lost about 10% after the opening; the company announced plans to offer $100 million in convertible senior notes. On the upside, Spartan Stores (Nasdaq:SPTN) was up about 8% on an earnings-tied boost.

Any upside push today in the Russell 2000 is critical to help crack the reversal pattern formed by Wednesday’s sharp afternoon slide off the highs. The fact that the market was unable to sustain the overnight bounce into the opening is cause for concern. From a charting standpoint, support below 735 is at 731, then down at 726. On the upside, resistance remains at 743.