Risk Levels are still rising ...

It is hard to imagine it when the stock market is going up, but the VIX is still saying that risk levels are rising.

This can be seen when one looks at the weekly chart of closing values on the VIX (see the chart below).

Since the beginning of July, the VIX has made higher/lows and higher/highs which is the definition of an up trend. Why is that important? Because the VIX moves inversely to the stock market.

Note the current level of the VIX ... it is pretty close to the support line. If it can fall below that level at the close today, it will have a shot of breaking its up trending.