Stocks continue to walk the tight rope above a deep canyon.  The wire shakes, footing appears to be lost, yet the market is able to maintain its balance and move forward.

The key support levels remain $IWM $120 $QQQ $110 and $SPY 208.  Like Friday, today those levels were broke, but in now classic 2015 fashion a late day rally closed each above those support prices.  Another tight wire catastrophe averted.

Today's Option Action Recap

Today's Market Scans

What lies ahead?  Will support give way, or is the market showing once again the same resiliency it's shown throughout this historic bull market?

It was another trading session where it felt like the market hung in the balance and one push was going to send it into a free fall.  Yet somehow the market was able to hang on.

Will tomorrow be the day it finally slips?  Or is the resiliency a sign of a market that just won't quit?  One that we've grown accustomed to since the March 2009 lows of defying each and every call for a sharp correction.

It was, as CNBC put it, 'a mildly lower session'.   Those mildy mild trading sessions.  Not enough spice to break a sweat, but you still don't want to spill any of it on your shirt.

Yes and the $AAPL plunge.  That collapse of the largest company in the world by market cap that everyone saw coming.  It's market cap has dropped by about as much as the billions the company is spending on buying back it's own stock.  Amid the wreckage of this pull back, is the corporate share buyback machine likely scooping up shares at a discount to previous prices.  Silent amid the carnage is all the analysts who've been quick to upgrade the stock in 2015.  You know, the same ones who were downgrading the stock precisely at the lows in May of 2013.

After a few hours of trade today the market looked on the precipice of that long awaited market crash.  The action looked rather foreboding.

$AAPL, the largest company in the world by market cap, was getting juiced.  In between each short lived bounce was a crushing spike lower.    Bonds were in rally mode and  the VIX even decided to participate today.  An early shrug of the shoulders for the VIX in the morning turned into a rally that continued after the lunch time hour.

But then, the story came to the same ending it always does.... late in the day stocks reversed course and closed Off The Lows (OTL).

The late day rally turned the dull Consumer Staples ETF into a momentum stock.  It seems Pepto Bismol, Tissues, and Toilet Bowl Cleaner are in high demand when the largest company in the world by market cap drops 3%.