Last week we asked the question: "Is the VIX okay now?"

Our answer was ... "Actually no, not yet. The VIX needs to close below 12.51 to end its possibility of having an inverted Head & Shoulder pattern."

Hopefully, that was the warning you needed.

What about today and next week?

We should see a softness pullback on the VIX today, but that won't end its potential danger condition. To understand that, we will need to see the action that occurs in the next 2 to 3 days. (Do remember that the VIX moves opposite to the stock market.)