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Last week I showed a weekly chart of the VIX and a resistance area it needed to cross to begin targeting its old highs in the 36-38 area which would of course mean a major negative market event for a Bully who is already on the ropes. VIX had a weekly close above that line and that begs caution with stocks. Why be a hero? But there is a chance of repelling the VIX and it is the broken former uptrend line which at least temporarily arrested the VIX rise. I give more weight to lateral resistance/support than to trend lines however. Again, you don't need me to tell you this is a dangerous market here - and the fun part is it is now potentially dangerous for shorts as well as longs.

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