Last Friday ( 2-16) was stopped at a major resistance level and has not been able to climb above it as of today (2-21). If it does, we will most likely see a re-test of the Jan 26 “all time” high. Conversely, if the S&P falls below 2618 (24200 on the Dow), we will likely see a re-test of the Feb 9th low (perhaps lower).
Most certainly, volatility has returned and is likely to continue. For now, patience is required to allow the market to “tell” us what it wants to do.
Please see the hourly chart of the market (The S&P 500) just posted.