Market Volatility Continues around 4,400

The ups and downs continue, a lot of volatility in the Market during the past three days. The S&P still falls within the category of going through a Correction, the decline stopped for now and it might have found support around 4,250 and a resistance  at 4,400 (orange circled region in the 39-min chart screenshot below).

The S&P rallied today for a while after Microsoft, AT&T and Texas Instruments reported better than expected quarterly earnings. Later in the day, the Fed's comments were bearish mentioning basically that they will soon start to take actions to control the inflation and that they had a lot of room to raise interest rates, that killed the rally and the stocks gave up the early gains of the session.

The balance in the New Highs and New Lows (NH-NL) in all the timeframes I track is practically unchanged from yesterday. I have been tempted to open new positions in oil related companies, so far I only own MRO (opened in Jan/11/2022) but there are a few other attractive ones. Unfortunately, I don't see that much Market strength yet, the Correction is paused or maybe it's already over, but the S&P is still unable to break and hold above the 4,400 level.

Until there is no further improvement in the price (getting past and holding above 4,400) and the NH-NL numbers don't favor the Bulls I'll continue on the sidelines in terms of opening new long positions. The ones I had opened before the Correction started, some of them I was stopped out, others are still holding, so I'll keep the stops in place in case things start to get ugly again.