Today's 60 minute VIX chart is as of 10:43 AM this morning.Many investors are getting excited about the market movement in the past few days. But, some VIX followers are a little concerned right now.

Why? Because ...

1. The VIX has been in a trading range since July ... that's good. The VIX hit the bottom range of its trading range this morning and then jumped up ... that's not so good.

2. The VIX's 60 minute RSI dropped at the open ... that's good. The RSI was at an oversold level and it bounced up after hitting its support line ... that's not so good.

This morning, the Institute for Supply Management said its index of national services activity fell to 51.5 in August from 54.3 in July. That along with the VIX hitting a trading range support while its RSI hit an oversold level and support has some investors nervous as we go into a long weekend.