S&P 500 Levels for 5/21/10

The market is gapping lower once again and the SPY is currently trading at 106.63 The morning low has been 106.26 and a retest of that level during the regular session is likely. The selling seems to becoming more panicky which raises the odds of a snapback rally at some point in the coming days, but picking a turn is very difficult. Today is also options expiration which should add to the volatility. It looks like another day where all but the most aggressive day traders should sit it out.