Today was an up and down session for stocks. By the close stocks gave up early gains and closed down. The losses were small for the DJIA (NYSEARCA:DIA) and S&P 500 (NYSEARCA:SPY) and both of them held above and never tested their lows from yesterday. The selling on the Nasdaq Composite (QQQQ) was stronger as it closed below yesterday's low. However, the lows for today on the S&P 500 and Nasdaq Composite were short of the April gap fill levels of 1,310 and 2,740. It looks like these levels are still in play until the market tells us differently. The Volatility Index (VIX) looks interesting here. If the VIX is successful at testing its 21, 50, and 200 day moving averages (which it is doing now) then going forward we will probably see a more elevated level of fear in the market which means we may have not seen the lows for stocks yet.
No positions in securities mentioned.