Words of warning for equity bulls

Mid-week market update: I am publishing this note slightly early today as I have an appointment just after the market close and the prices shown in the charts will not reflect today's closing prices.  As the S&P 500 struggles with overhead resistance, I would like to offer some words of warning for equity bulls. The VIX Index has returned to levels not seen since November 2021, before the market topped out. Is that a sign of complacency, or normalization?




As a reminder, November 2021 was just before the onset of the omicron variant, and the retirement of the transitory language by the Federal Reserve. While this doesn't mean that the market will necessarily fall immediately, it does indicate a possible precarious backdrop and an accident waiting to happen.
 

The full post can be found here.