If you recall, we posted a "Watch the VIX today" warning last Tuesday.

Here we are a week later and the VIX went up to 21.44 yesterday. Remember that the VIX is also referred to as the Fear Index, so a higher VIX is associated with a lower stock market.

What should you watch now?

If you note today's chart, there is a resistance level at 21.91 that needs to hold. A close above that could expose the market to an old projection level of 28.6. Anything is possible, but I expect the 28.6 level to be reached later and not now.

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