Most major indices are moving marginally higher today, with the Nasdaq Composite showing some weakness.

The magnificent seven reversed lower which is worrisome and is contributing to the Nasdaq’s underperformance. Outside of Netflix (NFLX), which received an upgrade today, the group is looking weak.

The Low Volatility ETF (SPLV) is surging today, it has been a refuge for investors to sleep better at night. It’s important to note the volume is declining, as there could be a sense the coast is clear.

Only one sector is moving lower, Consumer Discretionary (XLY), driven by losses from Tesla (TSLA). Energy (XLE) and Real Estate (XLRE) are in the lead.

There were red flags in the Empire State Manufacturing Survey as price measures rose and employment metrics declined.

The NAHB Housing Market Index fell in March to 39 from 42 in February, missing expectations of a flat reading. The main negative contributors were current sales, declining three points to 43 and traffic of prospective buyers falling five points to 24.