SPX also closed below the key 1370 level, but not by much. We got very close to the 4/10 low before the slow grind up started. There was clearly no panic selling today. It is also clear there are still dip buyers in this area. The market is trying to hold support here. We have had plenty of big gaps in both directions. I think staying nimble is the best way to go. Volatility appears to be picking up and so is the downside risk. Check out the VIX chart below.
It looks like the VIX is trying to turn up on this weekly chart. This bears watching, but at this point it is unclear if this is just a short term blip or the real deal.
Bob
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