The poem pictures Titania, queen of the fairies, in a small, hushed corner of the natural world. Her throne is only a molehill, decked with moss and cobwebs, and she seems frail: she can barely hold up the globe of dew in her thin white hands. The scene feels still, drowsy and slightly dreamlike, as if it's the middle of a hot day and nothing wants to move.
The wind is given a playful personality. It is too tired to blow, so it slips past with its hands in its pockets, whistling a lullaby by the hawthorn gate. Then the mood shifts. A smile crosses Titania's eyes and vanishes, and a shadow falls over "hunchback Oberon." The poem doesn't explain this, but it hints at a fleeting private feeling and perhaps a cooler, uneasier relationship between the two. The speaker mostly watches, with quiet affection and a touch of unease.