Low volume trading becoming a common feature. Without proper economic data in play, big institutions won't be making major moves, at least not at this juncture. Watch closely for Fri. CPI likely to be elevated even with some level of cooling off entering in. 

The big question mark remains with oil. This remains out of Fed's control. And oil affects everything else, incl transportation/shipping/logistics. So here we have a slowdown of the economy, inventories are piling up. But this sticky oil problem is causing costs to remain high. A very interesting position. 

Where I think this might head ('might' being the keyword): 

Oil might just make a leg higher if the war persists and the supply remains muted. At $140, economists will start putting recession discussions on the table. 

There is a tug-of-war happening here. If oil goes up another notch and it causes prolonged elevated CPI, then the Fed will erroneously hike faster and send the US economy into dark waters. The Fed's hands are tied. 

QT + faster rate hikes = another leg down. The depth to this bear market might cut quite quite deep as long as the Fed does not relent. Many are asking if there is a "Fed put" - and to which the answer lies in whether the Kremlin will persist in its Ukrainian agenda.

This will remain a troubling time for those who have their retirement accounts tied to investments. Here's a graph comparing the 2000 smashdown and what might possibly happen if there is an implosion. I would like to think that wave 4 would be the max pain, but as long as oil remains high, QT and hikes on the table, anything can happen. And this will be a torturous grind down.

On the other side of the equation, the happy side, i would think, is that innovation is still taking place as we speak. Those that are growing their core businesses well will be rewarded. They are currently hated and shunned. Those are ones that I am looking out for - the uncrowded, unloved businesses, smashed down by multiples but growing in multiples. Never a better time to be a buyer. Yes, the next leg down is likely to also take them down a notch, hence I'm nibbling and watching. As long as the core is doing well, I'm a buyer.