As expected, the Fed did disappoint traders with an announcement today to continue Operation Twist through the end of the year. Many had hoped for a new round of quantitative easing. But the disappointment wasn't too severe. SPX traded down to its 50 dma and rebounded to close at $1356, down $2 on the day. RUT lost $2 to close at $784. All in all, it was a pretty mild day of trading. So far, the resistance set in April at about $1358 appears to be holding; the nearest support level is around $1335 - $1340. I will be watching tomorrow's open to see if support is threatened after an overnight reflection on Bernanke's remarks. Tomorrow's report of unemployment claims may also influence that open.

VIX dropped off about one point to close at 17.24%, so fear is slowing easing out of this market.

My July iron condor at 610/620 and 850/860 stands at a P/L of +$1,860 with delta = -$33 and theta = +$74 (20 contracts). The call spreads are over one standard deviation OTM with 29 days to go to expiration. Other than the FOMC announcement, there was minimal economic data or news today. And outside of the unemployment claims data tomorrow, there are minimal economic data due to be reported this week. So will SPX hold support at $1335 - $1340?