Yesterday's sell off continued today with SPX losing $12 to close at $1648 and RUT closing down $10 at $987. Volatility increased almost a half point to 14.8%. On the SPX chart, there is strong support at $1635 and it may be significant that three times in the past few days, SPX has traded down into the $1635-$1640 range. Today SPX traded down to $1640 before rebounding into the close. On the upper side, $1670 is the resistance level that must be broken to move higher. Corresponding support on RUT is in the range of $970-$975 and resistance is at $1000.

Trading volume was pretty much flat today with 2.3 billion shares of the S&P 500 trading. Trading volume on the NYSE increased 1% and trading on NASDAQ increased 2%.

My June iron condor on RUT stands at a P/L of -$2,360 with position delta = -$81 and position theta = +$176. I will be watching the $1635-$1640 range on SPX to see if this minor pull back gets more serious. By my measure, not much has changed, but traders are getting nervous about the Fed's support of this market.