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SPX closed at $1946, up $28 and RUT gained $12 to close at $1022. VIX dropped over one point to close at 19.4%. Trading volume declined in the S&P 500 stocks with 2.5 billion shares. Trading on the NYSE dropped off by 12% and trading volume on NASDAQ declined 6%. Normally, these declines after option expiration would be expected, but Friday's trading volumes weren't dramatically higher as they usually are. Thus, today's small declines were also unusual.

No significant economic data were released today.

Today's close in VIX at 19.4% matches the previous low in VIX this year, on January 5th. This also places VIX at the bottom edge of its Bollinger bands. That sets up the possibility of VIX oscillating back to the upper edge of the Bollinger bands just as it did at the first of the year and also on the first of February. Or it could wander sideways for a while. Given the economic and political uncertainties, I doubt VIX will move much lower.

Today's close in SPX was about six points higher than the peak hit February 1st after bouncing back from the correction lows. So the first resistance level has been broken. Next is resistance at the 50 dma at $1950. Institutional traders will be watching that level closely.