A 'breakdown catalyst' - is what the bears seek, but as I've pointed-out more than once, is hard to achieve (in the form of 'crash') without crushing the core holdings of the major institutions and hedgers, since the rest already tanked in the course of the past year and a half distribution disaster post-buybacks. 

So many are looking for 'capitulation', when that's actually behind (apparently) for many stocks, while some of the 'Generals' still have some puff involved. It is by no means clear enough to affirmatively say a 'bottom is in', but maybe so for a number of stocks, especially the already-crashed or newly dynamic.

Those looking for a classic further collapse have some merit in their thinking, I readily acknowledge. Generally it's the global situation ranging from Oil prices too high for easy survival this Winter (hence the EU breaking precedent for an energy subsidy it appears), to wages trying to cope with inflation (French riots an example ongoing along the favorite Champs Elysee shopping boulevard), and of course the monetary policy bird-fight (doves & hawks both flighty now), which begs the question about their hubris ignoring the external influences.

However this sorts-out, remember we had a big September crunch, so when it occurs, October is usually not a replication of September, unless a crash does occur. Otherwise it tends to be a process, evolving as part of building a low. It is also obvious that there's not a 'really bullish' fundamental case for 2023 but with such a crowded bearish posture, and sidelined cash, there is prospect for a minimum higher level trading range for the S&P, or here and there superior individual stock behavior.  

In-sum: 

S&P is struggling to maintain traction and milk more out of this rally, a very important aspect of sparring in the vicinity of noted resistance around the ~3700 area. Typically such rallies go too-and-fro after the initial thrust and this is no different. But the nature of the move is more interesting than we saw last week, because Monday finished at the high end of the day's range, and in the face of key short-term S&P resistance. 

By the way tomorrow's Presidential Announcement of draining 10-12 million bbls of Oil from the Strategic Petroleum Reserve is inappropriate and likely will be viewed by 'some' as mostly political ahead of midterms. This 'demand band-aid' is near-term influence, it's not a solution, while more drilling for Oil & Gas is. Also you have more restrictions on Russian Oil & Gas coming soon in the EU, which would counter this kind of move. It will lower 'retail' gasoline a bit temporarily, and they'll talk (again) of replenishing Oil in the 70's, except it is not in the 70's, and policies have been more on 'aspiration' not realism. 

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Market Briefing For Monday, Oct. 17
Market Briefing For Thursday, Oct. 13
Market Briefing For Tuesday, Oct. 11