Markets opened lower, traded even lower, recovered, and then sold off in the last two hours of trading to close at the lows of the day. SPX lost $23 to close at $1979. RUT fell $26 to $1068. Volatility rose with the VIX adding 1.3 points to 18.7%. Trading volume fell again today with 2.5 billion shares of the S&P 500 trading. Trading volume declined 2% on the NYSE and declined 6% on NASDAQ.
No economic data were released today. Are traders pulling back a bit in anticipation of the Fed meeting next week? Most analysts believe additional interest rate hikes are off the table, but the market may be apprehensive.
I had hedged my March and April iron condor positions Friday, but removed those hedges today.
No significant, market-moving economic reports are due this week. Will the market remain weak until after the Fed meeting?