If you’re bearish…

If you’re bearish, the low VIX level should be of a concern.  The VIX broke higher in March and is now retesting the top of the down-channel.  That implies volatility should increase again, taking the market down with it.  Vix_062005

The NASDAQ has also been under performing for the past two weeks.  The market usually acts best when the NASDAQ is leading. 

Spx_vs_ndx_062005