I was surprised to see SPX and RUT move in opposite directions today. SPX closed lower by $4 at $2040, but RUT actually traded higher, closing at $1216, up $7.  The VIX increased by a couple of tenths to 16.9%, so there wasn't much change there. Trading volume fell on all fronts, with 2.1 billion shares of the S&P 500 stocks trading today, below the 50 dma of 2.2B. Trading volume declined 7% on the NYSE and declined 3% on NASDAQ.

There wasn't any significant economic data issued today, but we will get both retail sales and the weekly unemployment numbers tomorrow. A solid retail sales number could calm this market, but recent retail sales data have been weak.

Perhaps this mixture of a lower SPX with a higher RUT suggests an equilibrium being reached? If so, maybe we are back into the sideways trading range from January. But a weak retail sales number tomorrow could easily push us lower to test that 200 dma on SPX around $2002.

My March condor on RUT stands at a net gain of 6.2%; the delta of the short 1160 put is 8 today. It is borderline whether we will close the put spreads Friday with the Two Sigma Rule. If volatility expands, we will be closing the March put spreads; if not, we may be able to safely leave them open through the weekend.