Watch The VIX Today
Today's a good day to keep a close eye on the VIX (The Volatility Index which moves opposite to the market's direction).
Because it hit its resistance line yesterday so many traders will consider it a "pivot point". This will be an important test level today.
There is a short term bias to the downside with Inflowing stock market Liquidity that could be strong today. However, if the battle becomes tough today, a VIX close above than 16.2 would carry negative connotations with it so keep an eye on it ... see the chart below.