The two support areas are very important. The first is at approximately 3330. If that is violated, then that could then target the next support area, which is at 3210 / 3220.

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A sell signal in $VIX is to be noted, and if it were accompanied by a breakdown below $SPX support at 3330, that would be a potentially powerful bearish combination. For now, though, the bulls can still rescue upward motion, but they are running out of room.

Canada liked the oil and metals rally.

How Much is Enough?

             listen & learn

"As the chart below points out, Lost Decades have happened with alarming and surprising frequency, all preceded by expensive stocks or expensive bonds. Today, both are expensive."

                                                      click on the chart to enlarge

"The currency markets have never been so calm. That’s according to the J.P. Morgan Global FX Volatility Index, which touched an all-time low on Jan. 17 and remains near that record level going back to its inception in 1989."

                                                     The calm before the storm.