The Nasdaq has continued its slide from Friday, but is way off the lows, and the first rally attempt has been impressive.  The S&P 500 has been trading sideways and is slightly negative.  Financials and technology continue to lag, but tech has recaptured half of its earlier losses and names like Tesla (TSLA) and NVIDIA (NVDA) are now positive.  Apple (AAPL) is under pressure after receiving its second downgrade since Friday.  The Dow is negative, but not by much. 

Energy, industrial, real estate and telecom services are 4 of the 11 S&P 500’ sectors trading in the green.  Trading volumes are above average and decliner lead advancers 1463/1394 on the NYSE an 1450/1115 the Nasdaq.

Amidst the selloff in tech, RBC has raised its outlook and target for the S&P500 and sees it growing 7% between now and the end of the year to 2,600.

The VIX, regarded as a fear index, is up 12% today.

Oil is up to 1.3% to $46.45 and helping propel energy names higher. U.S Treasuries are also higher following a $24 billion 3-year Treasury auction, with highest bid-to-cover ratio since December 2015.  Furthermore, as a proxy for foreign demand, the indirect bid was the highest level since 2010. 

There is no economic data out this today. 

Let’s stay on the sidelines for now, but be ready.