Equity markets continue to hover within a tight range below critical resistance. Traders and investors are trying to come to terms with what the new normal will look like, and there is an increasing chance that interest rates will remain high for an indefinite period. Fed president Bostic commented to markets that interest might not come down even with an inflation-killing recession.

The week's action will heat today with earnings reports from big box retailer Home Depot kicking off the retail portion of the earnings cycle. The market expects a mixed report, but the market-moving news will be guidance - the company's parking lots are not as full as last year, which may be a telling indicator. Regardless, the longer it takes for the S&P 500 to move above 4,150, the less chance there is of it doing so.