The Standard and Poors 500 index (SPX) closed yesterday at 4546, up 15 points or 0.3%. SPX closed the week nearly unchanged with a 0.1% gain. The good news was a recovery from yesterday’s intraday lows at 4508. Resistance from early February has proven formidable. Trading volume was well below the 
50-day moving average (dma) all week.

VIX, the volatility index for the S&P 500 options, opened Monday at 22.1% and closed yesterday at 19.6%. VIX is now approximately at the levels of early February before the market declined for the second correction.

The NASDAQ Composite index closed at 14,262 yesterday, up 41 points or +0.3%, and up +0.6% for the week. Trading volume was modest, running around the 50 dma most of the week.

Last week’s market began to show the resistance set by the highs in early February and the bounce off of that resistance was even more clear this week. My trading stance is unchanged. I opened some new trades this week for my trading group, but I closed several trades in my Conservative Income service to avoid the weekend risk. I am proceeding cautiously.