Stocks stumbled out of the gate and are holding on as best as possible. The good news is that while elevated, the fear gauge (VIX) doesn't emit much fear.

The real story of the market isn’t weakness across the board. Once again, investors chose the sidelines over everything else, when they close large-cap growth.

I am watching the equal-weight S&P 500 (RSP), which briefly took the lead in July. It has since collapsed again against the cap-weight S&P 500 (SPY).

However, the chart formation is intriguing, as are other indicators like RSI and MACD (double bottoms are often bullish signals).

For now, investors are not ready to take the plunge in equal weight for various reasons, including high bond yields.

Overall, volume is light and not the place to panic with large caps.