The markets opened weakly this morning and traded lower, but then bounced back to close slightly higher. SPX closed up $4 at $2112, but traded in a wide range today with a low at $2103 and a high at $2119. RUT traded up $3, closing at $1250. RUT is still trading around its 50 dma at $1251. Volatility was largely unchanged with the VIX increasing a tenth of a point to 14%. Trading volume was down from Friday with 2.0 billion shares of the S&P 500 stocks trading. Trading on the NYSE decreased 20% and trading volume on NASDAQ decreased 1%.

The ISM manufacturing survey reported at 52.8 for May, up from April's 51.5. Wednesday brings the ADP private payrolls report, ISM services, and the FOMC Beige Book. Then we have the jobs report on Friday.

After seeing several mediocre economic data reports over the past several weeks, and then seeing the first quarter GDP growth reduced to a negative number, traders are beginning to get nervous. We may not see much action this week until we see the jobs report on Friday. It is always difficult or impossible to predict what will push a range bound market out of its trading channel. Stay tuned.