Do you remember our Friday discussions during the past few weeks about the SPY?

The discussions were about how the SPY had a "gap sensitive" level at 109.68. In fact, the SPY has had over 8 gap occurrences at the 109.68 level since November 2009.

Yesterday, the SPY closed at 110.29 on a high down volume, last minute tick. So, yesterday's 110.29 close will be subject to a gap down possibility ... below the 109.68 level at the open this morning.

But, this is not your typical SPY level, because higher than normal intra-day volatility is typically seen at the 109.68 level.

So today could be another one of those unusually high volatility, whipsawing days.