Today's chart shows the inverted VIX tracking with the NYA Index.

There are a few things to observe on this inverted VIX chart ... (Note: We inverted the VIX so it would track in the same direction as the NYA Index.)

First, the VIX broke above its inverted triangular formation two Monday's ago (May 12th.) Last Thursday and Friday, the VIX went back into its triangular formation but held at the bottom of the triangle's support.

Second, the movement above the triangle is positive for the market, but the fact that the VIX has tested the triangle's support twice in the past few days is of concern. The concern is expanded because the VIX breached its triangle's support from April 11th. to April 15th.

These breaches show market instability and that is a reason to not become complacent..