We are still up one day and down the next. The volume is light and the intraday action is very choppy. China is rapidly reopening and that is a good sign. Australia raised rates and the ECB is expected to. The FOMC meeting starts in a week. We have CPI on Fri. Rising interest rates will create some nervous jitters. If we zoom out to a weekly chart we can see an acceleration in selling pressure. I suspect that the move last week was short covering and we need to watch the half way point of that long green candle. This is no different than looking at a shorter term chart. Those giant solo green bars after a heavy round of selling should be viewed as short covering especially if they are instantly reversed. If that candle can hold for a few more weeks it will be a sign that support is forming and that a more substantial bounce is likely. Until the volume returns, reduce your size and trade count. Avoid trading the open and wait for your windows to set up.