After a morning pull back, the market clawed back and found itself at session highs when the closing bell rang.  This remains a resilient market,  I still see so many expecting it to come crumbling down.  Yet each dip is met with buyers, which is something that has worked for over six years.

Despite the early weakness and late day strength, stocks were basically flat.  All things considered it was a decent digestion day of recent market action.

S&P 500 futures stopped at resistance, a level it couldn't break overnight.  Perhaps the 3rd time will be the charm?

The inverted head and shoulders this week should continue to resolve itself tomorrow with a move up to the neck line.

This is how it started on Monday:

and here we are today:

The VIX is back to the key 12 level.  It's been a tremendous smack down, one we've seen far too often the last 6+ years.  This zone has been an area of concern, however I think this time around the break under 12 will come, and may stay below that level for quite some time.  That would imply further upside for stocks despite garlic breath of the market, GDP, rate rampage, China, or whatever excuse comes out.

One stock that I think will lead, and certainly the market needs this stock to lead if it wants to push significantly higher

Stocks are off to another rocky start this week, although in the face of China's stock market collapse overnight, I'd say the carnage was not as bad as it could have been.

Since the record highs of just six trading sessions ago, the market has been trading like it has an anvil tied around it's ankle.  The bid has been under constant pressure.

When will the bleeding stop?  

Stocks sold off. That about sums it up. It wasn't a terrible session by any stretch. $AAPL and $UBM bounced, but not nearly enough to abate the selling pressure that was present throughout the session. Individual names continue to work amid this back drop. $TWTR took its medication today and traded higher. $GOOGL on the other hand traded down some 3%. $GOOGL is still up 6 trillion percent from last weeks earnings move, but its still something to keep an eye on.

The VIX moved to its own tune yesterday. Today it took the headphones off and had a good listen at the overall market weakness. That 12 zone remains well respected and has been the launch pad for spikes higher, and subsequent pull backs for the stock market.

Stocks continued the theme of closing - not too hot, and not too cold. After the morning gap lower, stocks stayed in a relatively confined range, which was impressive considering the largest company in the world by market cap was down over 5%.

$AAPL despite its sharp move to the downside, remains in a consolidation mode. The lows of a few weeks ago were not breached during market hours, in essence a higher low was put in today.