The Standard and Poors 500 index (SPX) closed today at 5,871, down 79 points or -1.3%. SPX opened the week at 6,009, losing 2.3% for the week. Trading volume spiked up on the day following the election and declined the rest of that week and into this week, although it spiked up above the 50-day moving average (dma) today.

VIX, the volatility index for the S&P 500 options, opened the week at 15.3% and declined steadily through Thursday’s close at 14.3%, but rose today to 15.1%.

I track the Russell 2000 index with the IWM ETF, which closed today at 228.5, down 3.5 points or -1.5% on the day. IWM opened the week at 240.5 for a weekly loss of -5.0%. IWM steadily declined every day this week. IWM trading volume ran at or above the 50 dma all week but spiked higher Tuesday and today.

The NASDAQ Composite index closed today at 18,680, down 428 points or -2.2%. NASDAQ opened the week at 19,355, setting up a substantial weekly loss of 3.5%. NASDAQ’s trading volume has run well above the 50 dma since the day of the election through today.

The markets traded higher after the election but cooled substantially this week. At least part of that decline belongs to FOMC chairman Powell’s comments. He said the Fed may not feel as pressured to reduce interest rates further this year since the economy is doing so well. Boston Fed President Collins piled on, saying a December rate cut is “not a done deal”. That took the steam out of this post-election bull run.

Weekly losses for the S&P 500 stocks, the NASDAQ Composite and the Russell 2000 index came in at  -2.3%, -3.5% and -5.0%, respectively. In spite of these large declines, IBD’s recommended stock market exposure remains at 80-100% today.

This week was just one more example of how difficult it has been to trade this market. Just when you think a bullish trend has begun, the rug gets pulled out from under you. The S&P 500 index gapped lower at today’s opening and traded lower by 1.3%, with a large spike in trading volume. Could this be capitulation as many traders throw in the towel? NASDAQ also gapped open lower today and dropped 2.2% before finding support at its July high. NASDAQ’s trading volume has exceeded its 50 dma all week. The Russell 2000, as measured by the IWM, appeared to find support at its mid-October high concurrently with a spike in trading volume.

This gives me some hope for a recovery next week, but I may be grasping at straws.