The S&P 500 opened higher this morning and then began to deteriorate, steadily dropping all day long. SPX closed at $1341, down $11. RUT also shed some points, closing at $795, down $10. Trading volume remains somewhat subdued, but rose from the lower levels Monday and over the holiday week. About 2.5 billion shares of the S&P 500 traded today, up a bit from yesterday, but still below the 50 dma of 2.8B. Trading volume jumped 19% on the NYSE and rose 18% on NASDAQ. The VIX rose almost a full point to close at 18.7%.

SPX has a solid support level at $1335 and the 50 dma at $1337. So it was encouraging for the bulls to see the SPX hit a low of $1336 and then bounce to close at $1341.

My July condor on RUT stands at a P/L of +$2,580 with delta = -$14 and theta = +$64. Both July spreads are well over two standard deviations OTM. The Aug position on RUT stands at a P/L of -$40 with delta = -$80 and theta = +$88. The Aug 850/860 call spread is now about one standard deviation OTM, so the pressure has been relieved (for now).