VIX - Crucial Support

The vix has been stuck in a bullish falling wedge since since late last year and broke out of it in August, and is now actually resting on the upper trendline. The 23 area is now serving as key support, and if that breaks, then the market will continue with its rally as expected. If the vix breaks out to the upside, then a pullback of moderate strength could take place as the SPX is currently 30 and 60 points above the 20 and 50 day ema, respectively.

With that said, the market has built up a very strong buffer at this point, and the SPX could very well retest the 980-982 area before I would even consider a change in trend.