A bit of a relief rally today with the NASDAQ QQQ beating SPY by a 2:1 margin. If you think the selling is over you may want to wait a day or two to see how this bounce plays out. Of particular concern is the action of the VIX, which, although it was down 6% at one point, managed to close almost flat...thereby suggesting there's still considerable short interest lurking out there.
Just something to be aware of.
A really good day for QQQ and XLU....XLE (energy) was that laggard in the VEGA model.
SPY closed flat on the momentum line today.... another cause for caution.